Based on a sample of 539 angel investors, we empirically test the impact of new ventures’ resource acquisition/allocation strategies in different development stages on angels’ abnormal returns and their extremeness. Our findings suggest that at earlier stages, ventures whose entrepreneurs focus more on securing new resources tend to not only give angel investors lower abnormal returns, but also...

this paper analyses efficiency of short horizon event study methodology in general and efficiency of various test statistics based on price and trading volume in the period (iranian calendar) 1380:1389-q1 (2240 days) applying simulation method. we evaluate efficiency of 8 test statistics including parametric, non-parametric and induced variance statistics. we find various test statistics have e...

We analyze event abnormal returns when returns predict events. In …xed samples we show that the expected abnormal return is negative and becomes more negative as the holding period increases. Asymptotically, abnormal returns converge to zero provided that the process of the number of events is stationary. Non-stationarity in the number of events process is needed to generate a large negative bi...

The present research proposes an automatic system based on moving average (MA) and fuzzy logic to recognize technical analysis patterns including head and shoulder patterns, triangle patterns and broadening patterns in the Tehran Stock Exchange. The automatic system was used on 38 indicators of Tehran Stock Exchange within the period 2014-2017 in order to evaluate the effectiveness of technical...

This paper examines the relationships between Internet message-board activity and abnormal stock returns and between Internet message-board activity and abnormal trading volume. This study focuses on RagingBull.com and Internet service sector stocks. I choose RagingBull.com because its format enables me to measure investor opinion objectively. I find that on days with abnormally high message ac...

Recent evidence suggests that announcements of bank holding company acquisitions result in wealth transfers from the bidding to target shareholders. Empirically, this is demonstrated through ®ndings of negative average abnormal returns to bank holding company acquirers and positive average abnormal returns to targets on announcement. Using a sample of acquisitions from the early 1990sÐa period ...

Return on investment is a driving force that motivates and is a reward for investors. Investment returns are important for investors, in order for the entire investment game to be realized. Evaluating efficiency is the only logical way (Before risk assessment) that investors can do to compare alternative and different investments. Measuring real returns (relative to the past) is needed to bette...