The stock price has long been an essential issue in stock market analysis, while rarely had any relevant study covered the relational effect of the bidder factor on stock price. Hereby we try to find an association between bid and transaction price time series. The fluctuation of pattern ratios embedded in the bid series affects the fluctuation of transaction price. That means when there is sma...

Many firms have stockholders who face severe restrictions on their ability to sell their shares and diversify the risk of their personal wealth. We study the costs of these liquidity restrictions on stockholders using a continuous-time portfolio choice framework. The economic cost of these restrictions can be large and many stockholders would actually be better off if they could sell their rest...

Many firms have stockholders who face severe restrictions on their ability to sell their shares and diversify the risk of their personal wealth. We study the costs of these liquidity restrictions on stockholders using a continuous-time portfolio choice framework. These restrictions have major effects on the optimal investment and consumption strategies because of the need to hedge the illiquid ...

One of the most important problems in modern finance is finding efficient ways to summarize and visualize the stock exchange market. This research proposes a smart algorithm by means of valuable big data that is generated by stock exchange market and different kinds of methodology to present a smart model.In this paper, we investigate relationships between the data and access to their lat...

This paper explores the productivity impact of information technology (IT) in the healthcare industry using a regression spline (RS)-based approach. Application of the RS-based approach offered additional valuable insights that contribute to our understanding of the complex relationship between investments in IT and organizational productivity. For example, the results of this study suggest tha...

The chromosome constitution of Dybowski's sika deer was studied on the basis of 15 samples obtained from farmed stock maintained in an enclosure. The diploid chromosome number was 2n=68, 2n=67 and 2n=66. The constitutive heterochromatin (C-bands) was located in the centromeric regions of all acrocentric chromosomes. Metacentric chromosomes were C-negative. Chromosomes of three pairs proved to b...

The consensus wisdom of active mutual fund managers, as reflected in their average overand underweighting decisions, contains valuable information about future stock returns. Analyzing a comprehensive sample of active U.S. equity funds 1984—2008, we find that stocks heavily overweighted by active funds outperform their underweighted counterparts by more than 7% per year, after adjustments for t...

A large empirical literature has reported that the futures market contains valuable information for explaining stock returns and that stock returns display signi ̄cant cross-correlations internationally. A parallel literature has recorded evidence that the distribution of stock returns is close to a mixture of normal distributions and that Markov switching models may therefore provide an adequat...

Statistical model selection criteria provide an informed choice of the model with best external (i.e., out-of-sample) validity. Therefore they guard against overfitting (“data snooping”). We implement several model selection criteria in order to verify recent evidence of predictability in excess stock returns and to determine which variables are valuable predictors. We confirm the presence of i...

We examine the impact of selling Monthly Income Preferred Stock (MIPS) on the common share prices of the issuing firms. We find that issuing MIPS to retire preferred stock raises the value of the firm, and that government policy can significantly affect the present value of the tax savings. Using proceeds to retire bank loans negatively impacts common share value. This negative response is larg...