This study aimed to examine the relationship between macroeconomic and nonmacroeconomic variables and hotel stock returns using hotel companies listed on the Taiwan Stock Exchange. The regression analysis indicated that among the macroeconomic variables (i.e., money supply, the growth rate of industrial production, expected inflation, the change of unemployment rate, and the yield spread), only...

Is the increased volatility on the Swedish stock market due to increased sensitivity to foreign markets or to inherently Swedish factors? The findings in this paper is that the foreign influence on the Swedish stock market shows a clear positive trend while purely domestic factors have not become more volatile. World influence on domestic stock markets is also substantially larger during intern...

the native fishes of springs, ghanats and caves of iran are uniquely significant, since they are rear and, because of pollution, dryness, . purposeful or accidental introduction of exotic species and over all, because of industrialization are in danger. the stock of valuable fishes of iran are declining while they have not been completely identified. the stock of these fishes, particularly thos...

Implied option volatility averages about 19% per year, while the unconditional return volatility is only about 16%. The difference, coined the volatility premium, is substantial and translates into large returns for sellers of index options. This paper studies a general equilibrium model based on long-run risk which in an effort to explain the premium. In estimating the model on past data of st...

In bad times, uncertainty is high, so that investors find it more difficult to assess the prospects of the firms they invest in. Learning models suggest that in such times investors should, everything else equal, value informative signals such as analyst forecasts and recommendations more than in good times. However, the higher uncertainty in bad times and career concerns stemming from troubled...

Acknowledgements: We thank the two anonymous reviewers as well as Arina Soukhoroukova, Agnieszka Wolk and the participants of the " DIMACS Workshop on Markets as Predictive Devices (Information Markets) " at Rutgers University for their valuable feedback. of new products & innovation management. His research interests include technology and innovation management, new product development and ent...

An optimal investment problem is solved for an insider who has access to noisy information related to a future stock price, but who does not know the stock price drift. The drift is filtered from a combination of price observations and the privileged information, fusing a partial information scenario with enlargement of filtration techniques. We apply a variant of the Kalman-Bucy filter to infe...