The ”Efficient Market Hypothesis” (EMH) states that market outperformance is impossible through expert selection because each stock price efficiently incorporates and reflects all relevant evaluative information. We study the validity of EMH by analyzing the latent information of financial disclosures year over year. Specifically, we explore the concept of ”Lazy Prices”, the idea that changes i...

This paper assesses the effect of political institutions on stock market performance in 14 African countries for which stock market data is available for the period 1990-2010. The estimation technique used is a Two-Stage-Least Squares Instrumental Variable methodology. Political regime channels of democracy, polity and autocracy are instrumented with legal-origins, religious-legacies, income-le...

Marketing decision makers are increasingly aware of the importance of shareholder value maximization, which calls for an evaluation of the long-run effects of their actions on product-market response as well as investor response. However, the marketing literature to date has focused on the sales or profit response of marketing actions such as advertising spending and new-product development, an...

Using Markov-switching model, five return regimes are statislically determined for the monthly stock returns covering the period 1926 to 1992 and probabilistic inferences about these regimes are drawn. The results provide no support for the existence of the January effect. To account for the small-firm effect, again Markov-switching model Is applied to ten portfolios sorted by market value deci...

Digital currencies have flourished in recent years, buoyed by the tremendous success of Bitcoin. These blockchainbased currencies, called altcoins, are associated with a few thousand to millions of dollars of market capitalization. Altcoins have attracted enthusiasts who enter the market by mining or buying them, but the risks and rewards could potentially be significant, especially when the ma...