Stock-based compensation puts managers in the position of having, at some point, to sell stock. The prevalence of stock-based compensation in the 1990s allegedly created incentives for managers to hype their companies’ stock price by manipulating earnings before selling stock. Consistent with this conjecture, we find that managers tended to inflate earnings prior to selling stock. Moreover, the...

abstract the current study aims to investigate the relationship between iran’s targeted subsidies plan and the stock returns of listed companies on the tehran stock exchange (tse). stock returns is obtained from the indices of three industries: pharmaceuticals, chemicals, and machinery and equipment. moreover, the present research uses gold price and dollar price as control variables. the targe...

This study aimed to investigate the effect of fraction resulted of bad news on stock returns emphasizing the regulatory power of information disclosure policies that for this goal, the study population is consisted of the companies listed on the Tehran Stock Exchange during a five years' period (2010-2014). Data of selected statistical sample using systematic elimination method has been collect...

Similar to previous Canadian, US, and international studies, we find evidence of momentum in stock returns, using a Canadian sample over the 1981 to 1999 period. However, unlike recent US evidence provided by Moscowitz and Grinblatt (1999), we cannot attribute the majority of the excess returns produced by a stock momentum strategy to industry momentum. While we do find evidence that industry m...

According to the nature of their activities, banks are exposed to various types of risks. Hence, risk management is at the heart of financial institutions management. In this study, we intend to summarize the information content of bank financial statements on diverse risks faced by banks and then determine how stock markets react to bank's risk management behavior. The methodology used in this...

the paper investigates the effects of interest rates on stock market performance by using monthly time series data for the economy of bangladesh over the period of 1991 to 2012. a wide range of econometric techniques have been employed to analyze the relationship between the interest rate and stock market return. the study reveals a stable and significant long run relationship between the varia...

This paper uses the term structure of interest rates to explain the variations of stock prices and stock returns. It shows that interest rates have an important impact on stock returns, especially at long horizons. The hypothesis that expected stock returns move one-for-one with ex ante interest rates, which has been rejected in other studies using short horizon nominal asset returns, is suppor...

This paper uses a quantile impulse response approach to investigate the impact of oil price shocks on Chinese stock returns. This process allows us to uncover asymmetric effects of oil price shocks on stock market returns by taking into account the different quantiles of oil price shocks. Our results show that the responses of Chinese stock market returns to oil price shocks differ greatly, dep...