Dissertations / Theses: 'Preference stock'

1

Covas, Francisco. "Managerial incentives, corporate investment, and economic preference /." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2004. http://wwwlib.umi.com/cr/ucsd/fullcit?p3130203.

Full text

APA, Harvard, Vancouver, ISO, and other styles

2

Wu, Ting. "Essays on the Term Structure of Interest Rates and Long Run Variance of Stock Returns." The Ohio State University, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=osu1276860580.

Full text

APA, Harvard, Vancouver, ISO, and other styles

3

Tan, Juan Edward Banking &amp Finance Australian School of Business UNSW. "The announcement effect of private placements of hybrid securities in Australia." Awarded by:University of New South Wales. Banking and Finance, 2004. http://handle.unsw.edu.au/1959.4/20549.

Full text

Abstract:

This thesis investigates the share price response to the announcement of private placements of hybrid securities in Australia. Firstly, the size and direction of the share price response is examined. Secondly, the determinants of the share price response are examined. Where possible, comparisons are made to evidence from international markets. The sample of data tested consists of 43 announcements of convertible debt issues, 39 announcements of preference share issues and 19 announcements of option issues made between 1983 and 2000 by Australian firms. The analysis of the share price impact in response to the announcements is conducted using Maynes and Rumsey (1993) event study methodology that adjusts for thin trading. The determinants of the share price response are examined using model specifications that are derived from the theoretical literature. The analysis of the announcement effect of private placements of hybrid securities finds significant negative abnormal returns for convertible debt issues, insignificant negative abnormal returns for preference share issues and significant positive abnormal returns for option issues. In comparison to international studies, the convertible debt results are similar to public and rights issues, the insignificant preference share results are similar to other findings and the option results are similar to private placements of equity and rights issues of options. The results of the investigation of the determinants of the announcement effect of private placements of hybrid securities finds that convertible debt issues are best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the information asymmetry - dynamic hypothesis and the agency cost hypothesis. The impact of preference share issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the agency cost hypothesis and the price pressure hypothesis. The announcement effect of option issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry -dynamic hypothesis and the optimal capital structure hypothesis.

APA, Harvard, Vancouver, ISO, and other styles

4

Kundhlande, Godfrey. "Economic behaviour of developing country farm-households, measures of rates of time preference, the use of cattle as buffer stock, and the endogenous evolution of land rights." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape3/PQDD_0013/NQ59616.pdf.

Full text

APA, Harvard, Vancouver, ISO, and other styles

5

Barnard, Vanessa, and Linnéa Hörberg. "Ekonomer kontra ingenjörer på aktiemarknaden : en studie med fokus på riskpreferenser." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-417512.

Full text

Abstract:

År 2007 – 2008 var Finanskrisen i full kraft vilket forcerade många individer till att träda ut från aktiemarknaden. Ett hårdare finansiellt klimat och en mer komplex produktmarknad har resulterat i att alla individer inte kunnat parera marknadens hastiga förändringar och därmed invänta en framtida marknadsåterhämtning. Detta utfall kan således ha varit förknippat med stora förluster av finansiella tillgångar. Tidigare forskning indikerar att det existerar ett behov av finansiell förmåga vid dessa typer av krissituationer. Är investerares finansiella förmåga en lösning här? Och isåfall, vilka kunskaper är mest centrala för att uppnå en hög finansiell förmåga? I studiens teoretiska referensram redovisas tidigare forskning och en övergripande inblick ges i investerares portföljsammansättningar samt diversifiering av dessa. Först redogörs det för individers finansiella förmåga som innehar en central roll vid investeringar på aktiemarknaden då en hög finansiell förmåga tenderar att medföra möjligheter som kan frambringa goda ekonomiska förutsättningar. Vidare presenteras grundläggande portföljteori följt av diverse riskpreferenser som existerar i denna kontext. Därefter beskrivs de effekter som ofta uppkommer med i samband med finanskriser. Syftet med studien är att undersöka hur ingenjörer och ekonomer bygger upp och omfördelar sina aktieportföljer. Ett grundläggande kriterium avseende urvalet är att de har erhållit en examen från Uppsala Universitet, inom antingen ekonomi eller ingenjörsskap, mellan år 2000 till 2018. Det centrala här är att identifiera vilka riskpreferenser som existerar för de båda urvalsgrupperna samt att analysera aktiemarknadsdeltagandet – detta för att identifiera möjliga skillnader utbildningarna emellan. I kölvattnet av Finanskrisen har flertalet investerare uppvisat tendenser till ett mer riskaversivt beteendemönster där resultaten visar på ett reducerat risktagande efter Finanskrisens avslut (2009 – 2018) i förhållande till perioden innan Finanskrisens uppkomst (2000 – 2006). När effekten av Finanskrisen var som starkast (2007 – 2008) uppvisade investerarna ett tydligt avståndstagande från aktiemarknaden, där de som trots allt valde att stanna kvar på marknaden eftersökte mindre riskfyllda investeringsalternativ. Resultaten pekar på att urvalets ekonomer handlar utifrån en mer riskaversiv utgångspunkt gentemot ingenjörer som istället tenderar att uppvisa en mer riskneutrala inställning till marknadens investeringsalternativ.
During 2007 – 2008 when the global financial crisis was in full effect, a majority of the investors on the stock market were forced to exit due to a harsher financial environment and increasing complexity of financial products. The results of this outcome were associated with losses of financial assets for the investors. Previous research has identified and supported the need for financial literacy during financial crises. Could financial literacy be a key factor in resolving these issues? And if so, what kind of knowledge can lead to greater financial literacy? The purpose of this study is to examine how engineers and economists build and rebalance their portfolios. The aim has been to identify the risk preferences that exists for each target group, and to analyze stock market participation – before, during, and after the global financial crisis. This in turn, is crucial for the ability to compare the investors university education and to investigate possible differences in terms of knowledge. The results show that the investors in this study display risk averse behaviours and hold assets associated with risks that are lower than the market risk. Furthermore, economists tend to be more risk averse than engineers which in comparison are more risk neutral in their market behaviours.

APA, Harvard, Vancouver, ISO, and other styles

6

Rosendal, Jens. "Millennials köpbeteende och risktagande på aktiemarknaden : En mer våghalsig generation med annat tänk?" Thesis, Luleå tekniska universitet, Institutionen för ekonomi, teknik och samhälle, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-85171.

Full text

Abstract:

Millennials har ett starkt avvikande köpbeteende på börsen jämfört med äldre generationer. De har högre riskbenägenhet och är benägna att ta betydligt större risker vid köp av aktier och fonder. Oväntade kursrörelser och en mer oberäknelig börs blir konsekvenser av Millennials oberäkneliga och nyckfulla beteende. Syftet med denna studie var att undersöka Millennials köpbeteende när det kommer till aktier och fonder med fokus på deras risktagande. Studien hade en kvalitativ och deduktiv ansats och ett deskriptivt forskningssyfte. Data samlades in genom fallstudier och semistrukturerade intervjuer på ett selektivt urval av Millennials där frågor baserat på portföljsammansättning, informationsinhämtning, urvalskriterier och riskbenägenhet besvarades. Studiens resultat visade att Millennials sparar på lång sikt, gärna i framtidsbranscher inom teknologi eller medicin. Millennials är vinstsökande och högre risk med potentiellt bättre avkastning föredras över att investera med lägre risk och potentiellt lägre avkastning. Teknologiska framsteg i from av internet och nätmäklare är verktyg Millennials använde sig av vid köp av aktier och fonder. Studien bidrar med kvalitativa data och en djupare förståelse om Millennials och hur samspelet mellan informationsinhämtning, urvalskriterier och risk påverkar Millennials portföljsammansättning. Millennials använder sig av peer reviews och word-of-mouth i stor utsträckning vid köp av aktier men har samtidigt en hög grad av källkritik.

APA, Harvard, Vancouver, ISO, and other styles

7

Taylor, Philip Davis. "Investor preferences in the securities options market." Diss., Virginia Polytechnic Institute and State University, 1989. http://hdl.handle.net/10919/54794.

Full text

Abstract:

Systematic mispricing by the state-of-the-art option pricing models is a paradox in financial economics as both the magnitude and direction of the mispricing is debated. The models have been found to overprice out-of-the-money and deep-in-the-money call options while underpricing in-the-money and deep-out-of-the-money calls. In addition, research has shown these biases have different signs in different time periods. We propose that when investors maximize expected utility for Friedman-Savage-Markowitz utility functions, the option mispricing observed in the market will result. The theories and empirical tests in the literature of higher-order utility functions and risk-neutral valuation (RNV) in the options market are presented. Though investor attitudes towards risk are irrelevant in the non-arbitrage world of modern option pricing, to the extent the options market does not meet the non-arbitrage conditions, investor risk preferences will affect the pricing of options. Risk-loving traders will bid up market prices relative to risk-neutral model prices; risk-averse traders will bid down prices. And investor risk preferences can, and do, change over time as market conditions change. New tests are run to analyze the relationship between mispricing biases and investor preferences before and after the historic stock market crash of October 19, 1987. We find mispricing biases which imply a decreased risk aversion on the part of investors in the IBM call option markets for the period prior to the market crash and mispricing biases which imply an increased risk-averse (and decreased risk-loving) behavior in those markets following the crash. Similar analyses are also performed in the Microsoft call options markets with less conclusive results.
Ph. D.

APA, Harvard, Vancouver, ISO, and other styles

8

Badra, Yassine. "Equilibres de Nash en Prix avec Stocks d’Invendus, Monopole et Bien-être." Thesis, Paris 2, 2018. http://www.theses.fr/2018PA020066.

Full text

Abstract:

Après une introduction générale et une revue de littérature (chapitre 1), l’apport de cette thèse est de déterminer le rôle de la demande dans l’émergence d’un stock de marchandises invendues. Les préférences des consommateurs sont modifiées puisqu’elles prennent en compte non seulement les quantités consommées mais également celles étalées. Le cadre d’analyse de cette thèse est celui d’un jeu stratégique à deux joueurs en univers certain, avec prix flexibles et information parfaite. Deux types de consommateurs sont considérés : certains apprécient l’étalage et d’autres non. Un monopole modifié choisit à la fois le prix et l’étalage. Les propriétés de l’équilibre de Nash en stratégies pures sont étudiées. Le chapitre 2 présente un modèle de détermination du mark-up optimal pour n’importe quelle valeur de l’élasticité prix de la demande (contrairement à l’indice de Lerner qui peut être utilisé uniquement pour les biens élastiques). Le chapitre 3, étend le second, en déterminant le coefficient multiplicateur optimal en présence de stocks d’invendus. Il permet de définir la solde optimale. Le quatrième et dernier chapitre détermine les conditions sur les fonctions d’utilité qui permettent de générer un stock d’invendus à l’équilibre de Nash en stratégies pures. Les modèles développés sont élargis au cas où un planificateur social intervient dont l’objectif est de maximiser le bien-être de l’économie
After a general introduction and a survey of literature, the contribution of this thesis is to determine the role of the demand in the emergence of unsold stock of goods based on consumer’s preferences argument. Throughout the thesis, we consider a strategic game with two players under perfect information, certainty and price flexibility. Consumers are of two types: with appreciation to the display and without. A modified monopoly chooses both the price and the display. Chapter 2 presents an original model to determine the optimal markup for both elastic and inelastic goods (unlike the Lerner index that is used only for elastic goods). Chapter 3 is an extension of the previous one. It is about the determination of an optimal markup with the presence of unsold stock of goods. The fourth and final Chapter analyzes under which conditions an unsold stock of goods is supported by a pure strategy Nash equilibrium. All the models developed present a welfare analysis

APA, Harvard, Vancouver, ISO, and other styles

9

Diels, Jana Luisa. "Five studies on the antecedents of preferences and consumer choice." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2014. http://dx.doi.org/10.18452/16874.

Full text

Abstract:

Die Dissertation thematisiert die kontextbezogene Präferenzbildung von Konsumenten. Aufsatz 1 untersucht das Substitutionsverhalten von Konsumenten in Out-of-Stock Situationen unter Berücksichtigung des Einflusses von Promotions. Die Ergebnisse zweier Online-Studien zeigen, dass sowohl Phantome als auch Promotions die Dominanzstruktur eines Choicesets verändern und somit zu systematischen Verschiebungen der relativen Präferenzen führen. Aufsatz 2 diskutiert, ob Kontexteffekte in einem hypothetischen Entscheidungsumfeld mit rein imaginären Kaufentscheidungen im Vergleich zu verbindlichen Entscheidungen mit realen Zahlungen systematisch überschätzt werden. Die empirischen Resultate belegen, dass der Ähnlichkeitseffekt in hypothetischen Studien signifikant höher ist als in Erhebungen unter Verwendung von realen Marken und verbindlichen Kaufentscheidungen inklusive tatsächlicher Zahlungsverpflichtungen für die gewählten Produkte. Aufsatz 3 untersucht, ob der „reversed similarity effect“, als die Tendenz von Konsumenten bei der Nichtverfügbarkeit von bevorzugten Produkten solche Substitute zu wählen, die der nichtverfügbaren Wahloption ähnlich sind, auch in realen Entscheidungsgegebenheiten Gültigkeit besitzt und bestätigt dies anhand von zwei empirischen Studien. Aufsatz 4 analysiert den interaktiven Effekt von Phantomen und Händlerempfehlungen auf die Präferenzbildung bei Onlinekäufen. Es zeigt sich, dass der separate Einfluss beider Faktoren nicht zwangsläufig positiv interagiert. Vielmehr bedingen sich Richtung und Stärke der gemeinsamen Wirkung durch die jeweilige Produktkategorie sowie die empfundene Wichtigkeit der enthaltenen Produktattribute. Aufsatz 5 beschäftigt sich mit Präferenzdeterminanten für biologische Produkte. Mithilfe eines Strukturgleichungsmodells kann belegt werden, dass Gesundheits- sowie Umweltmotive keinen direkten Einfluss auf die Bio-Präferenzen eines Haushalts haben, sondern durch die jeweilige Einstellung zu Bioartikeln moderiert werden.
The doctoral dissertation analyzes context-dependent preference formation of customers with regard to the influence of product- and situation-specific as well as experimental factors. Essay 1 studies preference formation of customers in out-of-stock situations by coevally considering the specific influence of promotions. The results of two online studies reveal that both phantoms and promotions induce changes in the dominance structure of a choice set, thereby systematically affecting customers’ substitution decisions. Essay 2 discusses if context effects are significantly overestimated in binding choice settings that include real payments for test products. The attained results confirm that the similarity effect is significantly higher in purely hypothetical decision environments in contrast to realistic choice setting inclusive of payment obligations for the selected products. Essay 3 attends to the question if the reversed similarity effect – as a customers’ tendency to preferably select very similar substitutes when a desired item is temporarily unavailable – also holds true in market-like choice scenarios. The results of a comprehensive online study confirm the existence of the effect in all tested product categories. Essay 4 studies the interactive effect of phantoms, i.e. unavailable choice options, and recommendations on directing customers’ choice in online purchase decisions. It can be demonstrated that the factors’ separate influence does not necessarily add up when appearing within the same choice scenario. Instead boundary conditions of the factors’ interaction are identified. Essay 5 seeks to identify determinants of customers’ preference for organic products. The results of PLS structural equation modelling show that health- as well as environmental motives do not have a direct effect on relative preferences for organic items but that their influence is fully mediated by one’s attitude towards organically produced articles.

APA, Harvard, Vancouver, ISO, and other styles

10

Wiebach, Nicole. "Four essays on the context-dependence of consumer preferences in situations of reduced choice." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2012. http://dx.doi.org/10.18452/16594.

Full text

Abstract:

Die vorliegende Dissertation untersucht die Kontextabhängigkeit von Konsumentenpräferenzen in Folge eines Marktaustritts in 4 Aufsätzen. Aufsatz 1 diskutiert Auswirkungen einer Auslistung auf Kundenreaktionen. Zwei empirische Studien belegen die Existenz eines negativen Ähnlichkeits-, Attraktions- und Kompromisseffektes und zeigen wesentliche Determinanten einer markentreuen Reaktion auf. Aufsatz 2 bestätigt die Hypothesen über negative Kontexteffekte für Markeneliminierungen in verschiedenen experimentellen Situationen und Produktkategorien. Das sich ergebende Substitutionsverhalten resultiert durchweg in höheren Verlusten für Hersteller als für Händler. Aufsatz 3 diskutiert das Substitutionsverhalten in Out-of-Stock Situationen. Promotion wird hierbei als wesentlicher Einflussfaktor herangezogen. Verschiedene Online-Experimente demonstrieren einen negativen Ähnlichkeitseffekt für die temporäre Nichtverfügbarkeit von Produkten, welcher sich jedoch für preisreduzierte Güter des täglichen Bedarfs verringert. Werden ähnliche Substitute preislich reduziert angeboten, wird der negative Ähnlichkeitseffekt verstärkt. Der Effekt wird hingegen von einem Attraktionseffekt überlagert, wenn unähnliche Alternativen im Sonderangebot sind. Aufsatz 4 untersucht wesentliche Einflussfaktoren eines negativen Attraktionseffektes. In Anlehnung an das von Mishra et al. (1993) entwickelte Kausalmodell zur Neuprodukteinführung, wird ein adaptiertes ganzheitliches Strukturgleichungsmodell für den Marktaustritt getestet. Als wesentliche Treiber des betrachteten Phänomens resultieren die Konstrukte Anteil des Decoys, Präferenzstärke und Informationsrelevanz.
This thesis investigates the context-dependence of preferences in consequence of market exits in 4 essays. Essay 1 discusses the effect of brand delisting on customer responses. On the basis of two empirical studies, the existence of a negative similarity, a negative attraction and a negative compromise effect is revealed and key determinants of a brand loyal reaction are analyzed. Essay 2 supports the hypotheses on negative context effects for brand removals across different experimental settings and product categories. The resultant switching patterns collectively lead to bigger damages for manufacturers than for retailers. Essay 3 investigates preference shifts in out-of-stock situations by including promotion as essential driver. A series of online experiments demonstrate that for temporal unavailability of products, substitution behavior correspond to a negative similarity effect which is, however, reduced for stock-outs of low involvement fast moving consumer goods on promotion. While the negative similarity effect is enforced for promotions of similar substitutes, it is ruled out by the simultaneous occurrence of an attraction effect when dissimilar substitutes are offered at a reduced price. Essay 4 studies important antecedent variables of the negative attraction effect. In reference to the causal model on product introduction developed by Mishra et al. (1993), an adapted holistic framework for product exit is tested by using structural equation modeling. The results emphasize decoy share, preference strength and information relevance as major drivers of the considered phenomenon.

APA, Harvard, Vancouver, ISO, and other styles

11

Nilsson, Sara, and Jennifer Ramare. "What does it cost to invest with preferences? : What does investors lose/gain on investing in sin-stocks versus SRI investing?" Thesis, Högskolan Väst, Avd för juridik, ekonomi, statistik och politik, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hv:diva-17337.

Full text

Abstract:

This paper analyses the difference in risk-adjusted returns between Sin-stocks and SRI-investing for the period 2001-2021. The analysis was conducted by creating two optimally risky portfolios according to the Modern Portfolio Theory, one comprised of only Sin-stocks and one with only high ESG scoring companies. The Sin-stocks contained stocks from four different sectors, alcohol, gambling, tobacco and weapons while the companies for the SRI-portfolio was chosen from the FTSE4Good index. The regression models were chosen to follow both the CAPM, and the Fama & French three factor model and the regressions were in the end conducted with the GARCH model which showed results that both the SRI-portfolio and the Sin-portfolio had a general excess return over the market. The two portfolios were also compared with the help of Sharpe Ratio and Jensen’s Alpha. The Sharpe ratio as well as the Jensen’s Alpha showed that the Sin-portfolio had the highest risk-adjusted returns. In conclusion, the SRI-portfolio as well as the Sin-portfolio both outperformed the market during the time period 2001-2021 and they were both less volatile than the market.

APA, Harvard, Vancouver, ISO, and other styles

12

Weir, Diarmid J. G. "Money and production : a pluralist analysis." Thesis, University of Stirling, 2008. http://hdl.handle.net/1893/1141.

Full text

Abstract:

The purpose of this thesis is to argue that the core of a monetary economy is a network of triangular contracts between banks, firms, workers and capital goods suppliers. Not only does this network give rise to the creation and valuation of money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find that while money can exist in sequence economies with frictions, models of this type give no justification for its creation, valuation or holding for any significant duration, either theoretically or experimentally. Models that introduce dated goods and trading frictions to motivate the issue of risk-spreading ‘bundled’ debt are more promising for money creation, although they still cannot explain the the holding and valuation of money. Using the concept of team-production of Alchian and Demsetz and that of ‘hostage-taking’ in contracts owing to Williamson, we demonstrate how the issue of a token of generalised purchasing power from a team-production contract can enhance output and consumption. This conclusion motivates an original monetary theory of production that integrates the insights of Post-Keynesian monetary theory and the triangular contracts of the Circulation Approach and expresses them in a way that shows consistent asset and liability matching through a balance sheet approach. The creation and valuation of money and the determination of interest are embedded within the central processes of this economy. The features of the monetary production economy we analyse are in contrast to the mainstream proposition that the economy as a whole is rendered coherent by the existence of a unique and stable equilibrium determined by the utility-maximisation of households and the profit maximisation of firms. Apart from their inability to describe the economy in aggregate, such models treat money as an afterthought that is in no way core to their conception. We set the triangular contracts within a rigorous stock-flow framework of the type developed by Godley and Lavoie and argue that the shifting of the level of impact of uncertainty and failed expectations induced by money leads to specific patterns of economic disruption. These patterns are independent of the specific behavioural characteristics of households and firms and so are robust to policy changes that leave the institutions of the monetary production economy intact. We briefly assess current monetary policy and alternatives in the light of these findings.

APA, Harvard, Vancouver, ISO, and other styles

13

Schaber, Matthias [Verfasser]. "Small to meso-scale distribution of Baltic cod (Gadus morhua L.) as resolved by hydroacoustics : Habitat preferences, environmental limits, and resulting implications for stock development / Matthias Schaber." Kiel : Universitätsbibliothek Kiel, 2011. http://d-nb.info/1020244895/34.

Full text

APA, Harvard, Vancouver, ISO, and other styles

14

Fausch, Jürg. "Essays on Financial Markets and the Macroeconomy." Doctoral thesis, Stockholms universitet, Nationalekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-140151.

Full text

Abstract:

Asset pricing implications of a DSGE model with recursive preferences and nominal rigidities. I study jointly macroeconomic dynamics and asset prices implied by a production economy featuring nominal price rigidities and Epstein-Zin (1989) preferences. Using a reasonable calibration, the macroeconomic DSGE model is consistent with a number of stylized facts observed in financial markets like the equity premium, a negative real term spread, a positive nominal term spread and the predictability of stock returns, without compromising the model's ability to fit key macroeconomic variables. The interest rate smoothing in the monetary policy rule helps generate a low risk-free rate volatility which has been difficult to achieve for standard real business cycle models where monetary policy is neutral. In an application, I show that the model provides a framework for analyzing monetary policy interventions and the associated effects on asset prices and the real economy. Macroeconomic news and the stock market: Evidence from the eurozone. This paper is an empirical study of excess return behavior in the stock market in the euro area around days when important macroeconomic news about inflation, unemployment or interest rates are scheduled for announcement. I identify state dependence such that equity risk premia on announcement days are significantly higher when the interests rates are in the vicinity of the zero lower bound. Moreover, I provide evidence that for the whole sample period, the average excess returns in the eurozone are only higher on days when FOMC announcements are scheduled for release. However, this result vanishes in a low interest rate regime. Finally, I document that the European stock market does not command a premium for scheduled announcements by the European Central Bank (ECB). The impact of ECB monetary policy surprises on the German stock market. We examine the impact of ECB monetary policy surprises on German excess stock returns and the possible reasons for such a response. First, we conduct an event study to asses the impact of conventional and unconventional monetary policy on stock returns. Second, within the VAR framework of Campbell and Ammer (1993), we decompose excess stock returns into news regarding expected excess returns, future dividends and future real interest rates. We measure conventional monetary policy shocks using futures markets data. Our main findings are that the overall variation in German excess stock returns mainly reflects revisions in expectations about dividends and that the stock market response to monetary policy shocks is dependent on the prevailing interest rate regime. In periods of negative real interest rates, a surprise monetary tightening leads to a decrease in excess stock returns. The channels behind this response are news about higher expected excess returns and lower future dividends.

APA, Harvard, Vancouver, ISO, and other styles

15

Fahnehjelm, Charlotte, and Joakim Larsson. "Are Swedish venture capitalists stuck in the past? : An explorative study on Swedish venture capitalists' position in the funding landscape of new technology-based firms." Thesis, KTH, Industriell Marknadsföring och Entreprenörskap, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-231288.

Full text

Abstract:

Currently, there are indications that Europe is facing an innovation deficit. The main explanation to the lack of innovation is considered to be that new technology-based firms are facing difficulties in receiving funding and consequently do not establish on the market. As new technology-based firms have an important role in technology development and overall growth, a consequence thereof could be a long- lasting negative effect on technological change and economic growth. The venture capital industry is frequently put forward as the actor that can provide financing for these types of firms. This study aimed to investigate the contemporary role that Swedish traditional venture capitalists and government supported venture capitalists have in the funding landscape of new technology-based firms. To fulfill this purpose, the study analyzed both the investors' preferences and the challenges with investing into new technology-based firms. The findings were acquired through performing eight semi- structured interviews with highly knowledgeable practitioners. In addition, literature was scrutinized. The study concluded that the preferences of the venture capital firms are heavily misaligned with investments into new technology and that digital companies present a better aligned investment alternative. More specifically, venture capitalists perceived the teams of new technology-based firms to be lacking, which is misaligned with the venture capitalists' strong emphasis on the team. New technology-based firms were also perceived to be associated with great risks, which is misaligned with the risk aversion of venture capitalists. The high risk was found to be related to the high degree of novelty, the perceived difficulties in finding syndication partners, the venture capitalists' lack of specific knowledge and experience, the long time to market and the large funding need in early stages. Further, the long time to market is ill-suited with the fund structure of traditional venture capital firms. On the other hand, digital companies were found to be well aligned with the venture capitalists' risk profile and preference for investing large amounts of capital at once. When it comes to government-supported venture capitalists, the study concluded that Industrifonden's preferences are similar to those of traditional venture capitalists and that Almi Invest, due to its structure, faces specific barriers for investing. Based on these findings, the conclusion was drawn that the likelihood is low that venture capitalists will invest in new technology-based firms. In order to be able to draw conclusions regarding the impacts on innovation and technological change, further research on the capabilities and preferences of informal venture capital is necessary. Further research could also attend to the demand of financing to increase the understanding of the innovation deficit.
Idag finns indikationer på innovationsbrist i Europa. En huvudsaklig orsak till innovationsbristen anses vara att bolag med ny teknologi har svårt att få finansiering och därmed etablera sig på marknaden. Eftersom ny teknologi spelar en viktig roll i teknologisk utveckling och ekonomisk tillväxt, är en möjlig konsekvens av innovationsbristen långtgående negativa effekter på teknologisk utveckling och ekonomisk tillväxt. Venture capital industrin framhålls ofta som en aktör som kan finansiera denna typ av bolag. Denna studie syftade till att undersöka vilken roll svenska traditionella venture capital fonder och statliga venture capital fonder har i finansieringslandskapet av ny teknologi. För att uppnå detta syfte analyserade studien både investerarnas preferenser och utmaningarna med att investera i ny teknologi. Resultaten nåddes genom att genomföra semistrukturerade intervjuer med åtta erfarna praktiserande i industrin. Intervjuobjekten hade antingen erfarenhet från traditionellt eller statligt venture capital. Utöver detta granskades litteratur på området. Studien fann att venture capital industrins preferenser på flera vis inte matchar investeringar i ny teknologi medan digitala bolag väl passar in i preferenserna. Mer specifikt ansåg venture capitalisterna att teamen för ny teknologiska bolag saknar viktiga kvalitéer, något som missmatchar venture capitalisternas starka fokus på teamet. Nyteknologiska bolag ansågs också vara associerade med hög risk, vilket står i stark kontrast till venture capitalisternas riskaversion. Den höga risken ansågs vara relaterad till investeringens nya natur, den upplevda svårigheten att hitta syndikteringspartners, venture capitalisters avsaknad av specifik erfarenhet, den långa tiden till marknaden och de stora kapitalbehoven i tidiga skeden. Vidare fann studien att den långa tiden till marknaden var misspassat till fondstrukturen hos traditionella venture capitalister. Och andra sidan visade studien att digitala bolag passar väl med venture capitalisters riskprofil och preferens för att investera stora belopp på en gång. När det kommer till statliga venture capital fonder fann studien att Industrifondens preferenser är mycket lika de traditionella venture capitalisternas preferenser och att Almi Invest står inför särskilda barriärer för att investera i ny teknologi. Baserat på dessa resultat konkluderade studien att sannolikheten är låg att venture capitalister investerar i ny teknologi. Forskning på kapaciteterna och preferenserna för informellt kapital är dock nödvändigt för att kunna dra slutsatser kring effekterna på innovation och teknisk utveckling. Framtida forskning bör också fokusera på efterfrågan på kapital för att förstå innovationsbristen.

APA, Harvard, Vancouver, ISO, and other styles

16

Xu, Jin doctor of finance. "Two essays on stock preference and performance of institutional investors." 2008. http://hdl.handle.net/2152/17918.

Full text

Abstract:

Two essays on the stock preference and performance of institutional investors are included in the dissertation. In the first essay, I document that mutual fund managers and other institutional investors tend to hold stocks with higher betas. This effect holds even after precisely controlling for stocks’ risk characteristics such as size, book-to-market equity ratio and momentum. This is contrary to the widely accepted view that betas are no longer associated with expected returns. However, these results support my simple model where a fund manager’s payoff function depends on returns in excess of a benchmark. For the manager, on the one hand, he tends to load up with high beta stocks since he wants to co-move with the market and other factors as much as possible. On the other hand, the manager faces a trade-off between expected performance and the volatility of tracking error. My model thus shows that the manager prefers to choose higher beta than his benchmark, and that his beta choice has an optimal level which depends on his perceived factor returns and volatility. My empirical findings further confirm the model results. First, I show that the effect of managers holding higher beta stocks is robust to a number of alternative explanations including the effects of their liquidity selection or trading activities. Second, consistent with the model predictions of managers sticking close to their benchmarks during risky periods, I demonstrate that the average beta choice of mutual fund managers can predict future market volatility, even after controlling for other common volatility predictors, such as lagged volatility and implied volatility. The second essay is the first to explicitly address the performance of actively managed mutual funds conditioned on investor sentiment. Almost all fund size quintiles subsequently outperform the market when sentiment is low while all of them underperform the market when sentiment is high. This also holds true after adjusting the fund returns by various performance benchmarks. I further show that the impact of investor sentiment on fund performance is mostly due to small investor sentiment. These findings can partially validate the existence of actively managed mutual funds which underperform the market overall (Gruber 1996). In addition, when conditioning on investor sentiment, the pattern of decreasing returns to scale in mutual funds, recently documented in Chen, Hong, Huang, and Kubik (2004), is fully reversed when sentiment is high while the pattern persists and is more pronounced when sentiment is low. Further results suggest that smaller funds tend to hold smaller stocks, which is shown to drive the above patterns. I also document that smaller funds have more sentiment timing ability or feasibility than larger funds. These findings have many important implications including persistence of fund performance which may not exist under conventional performance measures.
text

APA, Harvard, Vancouver, ISO, and other styles

17

Lee, Chiu-Wei, and 李秋微. "Research on Stock Investors Cognition and Preference of Financial Commodities." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/8ta9xv.

Full text

Abstract:

碩士
國立臺灣科技大學
管理研究所
107
With the transformation of the domestic economic environment, the status of the capital market increasing and the environment of low interest rates, people is getting to place importance on investments and think of them intensely. People who like to do financial planning are more efficient to accumulate the wealth than those who do not. Those who are not good at investments can only accumulate the wealth by the addition growth approach while those who are good at investments can accumulate the wealth by the multiple growth approach with the assistance of compound interest. To effectively accumulate the wealth, financial knowledge is the necessary to learn know-how for the investors. To have money bring money is the key of financial management. Therefore, establishing the correct concept on financial management is important starting from the very beginning. For the past few years, to invest in the stock market has become the most commonly used investment tool for the people in Taiwan. And the character of investors would influence their attitude on risk tolerance. This study mainly focus on the analysis of the perceptions and preferences of domestic investors on stock products, and further explores how the investors' characters and attitude would influence their choices and perceptions on stocks, and then take the result as references for security firms and stock market investors. The study is conducted through literature discussion and in-depth interviews with domestic senior investment experts. And set gender, age, marital status, length of service, education level, occupation type, family annual income and investment stock experience as background variables. And then set characters of the investors as an intrinsic variable, set the investment subjects and the income of investors as the number of strains, and consider the external variables such as the overall environment (fundamental) and the investment trend (technical side) as variables. The outcome of research discovered that the gender is the most significant difference among the variable difference analyses in the background of investors. Age and family annual income would only make the difference from the cost of invested capital. In addition, the analysis of variables discovered that (1) the perceptions and preferences of stock investors are closely associated with their characters and risk-taking. (2) There are significant differences between men and women in the variables of risk-taking and investment preference. The male investors are high risk-taking with active adventure characters while female investors are prone to stable income as their investment preference. (3) And there is no significant difference in terms of the sources structure of information by taking the analyses of fundamental, technology, chips and information surface as the main investment reference. (4) And the differences of the characters of investors would bring differences in the performance of investment. (5) To invest in electronic stocks and traditional industrial stocks are highly preferred in terms of investment targets.

APA, Harvard, Vancouver, ISO, and other styles

18

Shen, Yu-Jan, and 沈育展. "The Preference of Foreign Capital about Stock Character in Taiwan." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/80061974700815583641.

Full text

Abstract:

碩士
淡江大學
財務金融學系
90
ABSTRACT When a rational investor to face the global financial market, he should theoretically diversified the portfolio to lower risk and higher returns. But we found that foreign capitals invest Taiwan stock market, they don’t diversify their portfolio but prefer stock with certain stock characters and it is so called “home bias puzzle”. In this thesis, we based on the home-bias situation and want to find out what stock characters is preferred by foreign capitals in Taiwan stock market. The empirical results ： 1.When foreign capitals invest Taiwan stock market, they prefer companies with good financial conditions and stable growth. 2.Because of the electronic industry is the main stream in Taiwan, so we can find that when foreign capitals invest electronic industry, just as result 1, they prefer companies with good financial condition and stable growth also. 3.Because of the fundamental conditions is not good about financial industry and traditional industry, foreign capitals are more opportunistic in this two industry.

APA, Harvard, Vancouver, ISO, and other styles

19

Fan, Young-Joe, and 范揚洲. "Preference for Stock Characteristics and Herding Behavior for Mutual Funds." Thesis, 1999. http://ndltd.ncl.edu.tw/handle/60274928340835476687.

Full text

APA, Harvard, Vancouver, ISO, and other styles

20

LIN, CHIA-HUI, and 林佳卉. "Impact of investor sentiment on gambling preference of Taiwan stock market." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/3r8tv6.

Full text

Abstract:

碩士
國立高雄大學
金融管理學系碩士班
105
This study is conducted to examine the impact of investors’ sentiment on the preference of gambling by analyzing the listed stock in Taiwan stock market during January 2002 to August 2016. According to Kumar’s (2009) method, stock is divided into three types, which are lottery stocks, non-lottery stocks, and other stocks. This study compare individual investors’ and institutional investors’ preference of gambling on different types of stocks. Because investors’ optimistic emotion would increase the demand for lottery stocks, the investors’ sentiment is added to investigate investors’ stock preference. The result of empirical research shows that individual investors have stronger preference for lottery stocks than institutional investors. The more optimistic the investors are, the stronger the preference for lottery stocks investor has. By adding the macroeconomic factors in the time series regression model, it shows that during economic recession, the higher the consumer price index, the consumer confidence index, and unemployment is, the stronger individual investors’ preference for lottery stocks is, which increases the desire for gambling.

APA, Harvard, Vancouver, ISO, and other styles

21

Lin, Yi Chun, and 林怡君. "Stock Holding Preference of Foreign Investors and the Relationship between Stock Holding Proportions and Momentum Investment Stregies-Evidence from Taiwan." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/68791335372192744628.

Full text

Abstract:

碩士
國立彰化師範大學
企業管理學系
93
This study investigates the holding preference of foreign institutional investor in Taiwan for the years during 1994-2004. The result shows that foreign investors prefer to invest in firms with high transparency, large market value and high price/earning ratio. After Taiwan stock market was internationalized and acceded into MSCI index, it is found that foreign investors especially prefer large electronic companies. This study also constructs momentum investment strategies based on foreign investors’ holdings proportions. The holding proportions are separated into two groups, shares holding group and market value group. Neither one shows that foreign investors can outperform the Taiwan stock market index. In addition, the high holding portfolio of shares holding group has a better performance than the low/no holding portfolios and will generate higher returns in the long-term.

APA, Harvard, Vancouver, ISO, and other styles

22

Jhang, Fei-Shu, and 張翡舒. "The Preference of Foreign Capital about Stock Character in Taiwan—sample of Two Trillionand Twin Star Industries." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/16750589455405815554.

Full text

Abstract:

碩士
國立高雄第一科技大學
金融營運所
94
ABSTRACT As a part of Challenge 2008, the Ministry of Economic Affairs is promoting a "Two Trillion and Twin Star" program, a four-year project to drive the production value of Taiwan''s semiconductor and flat-panel display (TFT-LCD in particular) industries to NT$1 trillion (US$29.6 billion) each, and build the digital content and biotechnology sectors into star industries, all by 2006. It can show that the industry of Two Trillion and Twin Star will play an important role in Economy of Taiwan. As a result, we want to find out what stock characteristic is preferred by foreign capital in “Two Trillion and Twin Star” category. The empirical results： 1.When foreign capitals invest in the industry of Two Trillion and Twin Star, they prefer companies with high excess return for the previous period. It indicate that foreign capitals will buy the stock when excess return for the previous period is high. 2. When foreign capitals invest in the industry of Two Trillion and Twin Star, they prefer companies with high book to market ratio. It indicate that foreign capitals invest will buy the stock which is undervalued. 3. When foreign capitals invest in the industry of Two Trillion and Twin Star, they prefer companies with high company value. It indicate that foreign capitals invest will buy the stock with more company value. 4.When foreign capitals invest in the industry of semiconductor and flat-panel display, they prefer companies with low debt ratio. It indicate that foreign capitals invest will buy the stock with low debt ratio.

APA, Harvard, Vancouver, ISO, and other styles

23

Yang, Su-Chiao, and 楊素嬌. "A Study on the Investor Preference to the Ways of Stock Trading and Its Implications on Market Segmentation." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/06340317031475727120.

Full text

Abstract:

碩士
朝陽科技大學
企業管理系碩士班
90
This research aimed at investigated investor preference for the eight way of stock trading and the distribution of their concern on the benefits factors of the stock trading. From the aspects of individual characteristics, life style, benefit segmentation and data source, this research made an analysis and investigation on the basic variables in the best market segmentation of stock trading. With the 500 questionnaires dispatched and the 391 valid questionnaires returned, the obtained data was analyzed with the SPSS statistic software. The data indicated that, on average, 1) the investors’ most preference trading way of stock trading is “Phone Trading” followed by “Net Trading”, with “Wireless Mobile Phone Trading” at the last ranking; 2) The benefits factors that investors concern most are low error rate of account, safety and reliability and low fees; 3) Financial and economic news reports, magazines and mass media are the main data sources for the investors’ decision-making. For the investors’ preferences, this research, after making an ANOVA and factor analysis on the personal characteristics and life style, indicated that investors with the following characteristics preferred the “Person-to-Person Trading” manner: low educational background, being elder, being a professional investor, with higher trading frequency and living in the South. However, investors who are young, single, high educated, student and newfangled were partial to “Net Trading”. In conclusion, this research drew up the market segmentation and the 4P marketing strategy on the basis of the investor preference to the ways of stock trading and the differences in their preference.

APA, Harvard, Vancouver, ISO, and other styles

24

HUANG, Jun-Rong, and 黃俊榮. "A Study of the Relationship between Television Chanel Preference and Investment Behavior of Individual Investors in Taiwan Stock Market." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/b3agwt.

Full text

Abstract:

碩士
國立屏東科技大學
企業管理系所
106
The participation ratio of individual investors in Taiwan's stock market is close to 60%. Usually, the decision making behavior of retail investors is not contribute to the hypothesis of the efficiency market or rational behavior in traditional finance, but rather investor preference or outside interference do. In this thesis, I discuss mainly on the relationship between TV channel preference, personality, investment behavior, and the disposition effect of stock investors. Paper and network questionnaires are sampled, total number of valid samples was 609. The preference of TV channels is divided into 11 types and all samples are treated in accordance to factor analysis and cluster analysis. The personality-based samples are divided into the following six types: impulsion type, gambler type, self-confidence type, safety-first type, rational type, intension type, and strong type. SPSS 22 was used as a statistical tool to verify and analyze my hypotheses by descriptive statistics, factor analysis, cluster analysis, K-square analysis and one-way ANOVA analysis. From the empirical results, I have the following main conclusion: the preference of the TV channel of individual investors will affect their investment characteristic. Investment characteristic, some personal characteristic, trading statistics will result individual investor’s bias behavior and disposition effect in Taiwan stock market.

APA, Harvard, Vancouver, ISO, and other styles

25

Ｔzeng, Wen-Kai, and 曾文楷. "A Study of the Relationship between Television Programs Preference and Investment Behavior of Individual Investors in Taiwan Stock Market." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/gps5m8.

Full text

Abstract:

碩士
國立屏東科技大學
企業管理系所
106
Focusing on the behaviors of the investors which might be effected by the Television Programs. According to the studies,“Behaving Economic,” proved that there is limitation of humanity’s rationality. There might be different reactions took by people when they face the same chance under different circumstances. On the other hand,“Investing Psychology,”based on“Behaving Economic”discovered that what in people’s minds do make difference about the market. In this thesis, we study the relationship between television programs preference investment behavior of individual investors in the Taiwan stock,market by issuing questionnaires and website questionnaires, using basic stratistics analysis, factor analysis, cluster analysis,analysis of variance ANOVA test and Chi-square test. The results its show that the correlation between television programs , population and trading variables , investment styles were significant which leads to specific investment bias and disposition effect. We hope the results can help investors to review their own television Programs preference corresponding to the investment style which cause investment bias and disposition effect as a measure of their personal investing bias , and avoid irrational bias small gain with big losses , frequently trading, stop gainswith holding losses.

APA, Harvard, Vancouver, ISO, and other styles

26

Maning, Chang, and 張麥寧. "The Study of Investment Preference of Foreign Institutional Investors in Taiwan Stock Market Before and After the Financial Tsunami." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/67475253406206724008.

Full text

Abstract:

碩士
大葉大學
管理學院碩士在職專班
98
Before and after the financial tsunami, with regard to market risk, size, net market value ratio, the study each explores the relevance between preference for foreign investment on the top five industries in Taiwan’s stock market in turn and separately. The analysis of the foreign investment on the top five industries reveals the magnitude of the investment on both plastics and steel industries depend on the market risk. The higher market risk the industry has, the more preference the foreign　institutional investors have, especially the steel industry is first among all the industries, and plastics industry at its heel；the magnitude of the investment on steel, electronics, and shipping industries depend on the size of the company. The smaller the company is, the more preference the foreign institutional investors have, especially the steel industry take the lead, the electronics and shipping industries follow, and the plastics industry take the rear. By the way, before the financial tsunami, the preference for foreign investment on the plastics industry massed on the larger company, but after the financial tsunami, it might have been otherwise. The net market value ratio might be taken into account by the overwhelming majority of the industries, except by the plastics industry. The higher net market value ratio the industry has, the more preference the foreign　institutional investors have, especially the steel and the electronics industry take the first place, the shipping, financial ,and insurance industries take the second place, the plastics industry take the final place. After the financial tsunami, the market risk would be taken into account by the preference for foreign investment on six main electronics industries, especially the semiconductor industry take the first place, the telecommunication and internet industries take the second place, the electronics spare part industry take the final place. The study each explores the relevance between preference for foreign investment as to the size and net market value ratio would differ because of the classification. The financial tsunami exercised its influence on the preference of foreign investment by means of the contrast between before and after it. The study demonstrates that the preference for foreign investment on electronics industries, especially after the financial tsunami, will be less than ever, and most of the foreign institutional investors will have very pessimistic attitude toward the trend of the electronics industries. But it won't make much difference to other industries whether the financial tsunami broke out or not. We will advise investors to think over the companies about their higher market risk whenever you perform an investment of your capital on the plastics industry；the companies about their higher market risk, smaller size, and higher net market value ratio whenever you perform an investment of your capital on the steel industry；the companies about their smaller size and higher net market value ratio whenever you perform an investment of your capital on the electronics and shipping industries, especially the telecommunication and internet branch of the electronics industry；the companies about their higher net market value ratio whenever you perform an investment of your capital on the financial and insurance industries.

APA, Harvard, Vancouver, ISO, and other styles

27

Sui, Chia-Ju, and 隋嘉如. "The Preference and Perception of Uniform Colors on Corporate Image-The Female Uniform of Finance and Stock Companies as an Example." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/70608960636686634950.

Full text

Abstract:

碩士
輔仁大學
織品服裝學系
93
To enterprises that are essentially service-oriented, uniforms worn on the front-line staff as in integrated part of an overall corporate planning and design are as important as front-line staff’s service attitude towards consumers and customers. Uniforms of front-line staff are the shop front of an enterprise, a symbol of corporate image, and an indispensable channel for any corporation to convey professional expertise, quality, and cultural background. In addition, the colors used in uniform design also shape direct impressions on the viewer through visual communication. The focus of this study was hence placed on the colors of corporate uniforms. The main purpose of this study was to find out the suitability of female uniforms in current banking and securities industries. This study began by analyzing and investigating both the wearers’ personal perceptions and preferences of uniform colors, and the customers’ color perceptions and preferences of the corporate image uniforms in current banking and securities industries. Its aim was to form a useful color reference for Taiwan’s banks and securities companies in the design of corporate image uniforms. To achieve this, 12 positive adjectival terms and 12 negative adjectival terms concerning female uniforms were established by referring to literature data and conducting a formal survey. A color preference scale item bank was further developed based on the aforementioned 12 positive adjectival terms and 12 negative adjectival terms for the formal questionnaire survey. This scale was then used in a quantitative survey on previously selected front-line staff and general customers. Multivariate analysis of variance (MANOVA and ANOVA)was also used for analyzing the data. The finding of this study indicated that both front-line staff and customers of banking and securities industries, except for minor observable differences in some perspectives, shared nearly the same perceptions of the colors of corporate image uniforms. In terms of color preferences, front-line staff and customers also had almost identical and consistent opinions concerning how to use colors for female uniforms. To sum up, there was an obvious tendency on a whole towards bright and soft colors with high brightness and medium-to-high saturation. Some staff in the securities industry, however, revealed cognition of colorless medium gray and black as a good conveyance for a sense of professionalism. Hence, both medium gray and black showed rather high frequency in the selection of colors on the color preference scale. This study also found that neither age nor sex or the research subject made any obvious difference in the perceptions and preferences of the colors of corporate image uniforms. Social contexts, on the contrary, appeared to be an important factor in affecting color perceptions and preferences.

APA, Harvard, Vancouver, ISO, and other styles

28

Jiang, Lin-Yu, and 蔣玲鈺. "An Empirical Study of Stock Holding Preference of Three Primary Professional Investment Institutions and the Monday Effect of Net Buy-and-Sell." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/68069284975142874482.

Full text

Abstract:

碩士
淡江大學
管理科學研究所碩士班
95
Three primary professional institutional investors in Taiwan are categorized as Foreign Investor, Investment Trust and Security Dealer, according to their sources of funds. Their investment decisions are important for the public in the Taiwan stock market. In addition, net buy-and-sell information of institutional investors is also a major focus for the public. However, there are very few academic studies document observations regarding the issue of the Monday effect. The main purpose in this study is to investigate the stock holding preferences of the three primary professional institutional investors and the Monday effect of net buy-and-sell. 　　This study employs two regression models and the Panel Data to examine the two major objectives of the three primary professional institutional investors. Using a sample of firms listed in Underlying Stocks of Taiwan 50 Index from Taiwan Economic Journal(TEJ) over the period of 2002 to 2005, this study explores five empirical results: 1.Foreign investors show a preference for large firms, firms with high sales growth ratio、low book-to-market ratio and low dividend yield. 2.Investment trusts prefer firms with high current ratio、high margin buying ratio、low book-to-market ratio、high turnover ratio and large companys. 3.Security dealers are inclined to adopt the high risk strategy and prefer firms with high debt ratio. 4.The three primary professional institutional investors have different stock holding strategies. Foreign investors are concerned with the financial characteristics of firms. Investment trusts show a preference for firms with high current ratio. Security dealers pay attention to the technical analysis while selecting stocks. 5.Only foreign investors and investment trusts show the Monday effect with significant negative returns.

APA, Harvard, Vancouver, ISO, and other styles

29

Huang, Po-Chen, and 黃伯承. "Relationship Between Firm Value and Investment Preference of Foreign Investment Investor and Investment Trust Investor in Taiwan Stock Market ---- Empirical Study with Home Bias Concept." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/91015629733032472440.

Full text

Abstract:

碩士
國立中興大學
財務金融系所
96
This paper is mainly discussing about two major institutional investors’ stock preference --- foreign investment investor and investment trust investor. This paper is trying to use market portfolio concept, we define each stock’s market portfolio weight as the optimal portfolio weight. We calculate each stock’s real portfolio holding weight in total foreign investment investor’s and investment trust investor’s stock holding portfolio, and use the real portfolio holding weight to minus the optimal portfolio weight. Our study define the difference of these two kinds of weight as bias, therefore we will have two kinds of bias --- foreign bias for foreign investment investor and domestic bias for domestic investment trust investor. This paper is trying to figure out that whether foreign bias and domestic bias effect firm value, and what kind of firm characteristics would affect foreign bias and domestic bias. We use random effect model to complete our regression analysis and we have two empirical evidence result. First, foreign bias is negatively related to firm value and domestic bias is positively related to firm value. Second, foreign bias and domestic bias are related to firm characteristics such as sales、EPS、ROE….Etc. The most obviously effective firm characteristics variable for two kinds of biases is firm market value, and this result is in accordance with the research of Chan, Ng and Covrig(2005) 、Kang and Stulz(1997).

APA, Harvard, Vancouver, ISO, and other styles

30

CHEN, CHUN-MING, and 陳俊明. "Preferences for Stock by Mutual Fund Portfolio Holdings." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/03788004337628124203.

Full text

APA, Harvard, Vancouver, ISO, and other styles

31

Yang, Kai-Wen, and 楊凱文. "How institutional investors preference in small-cap stocks?" Thesis, 2013. http://ndltd.ncl.edu.tw/handle/22652669014331651021.

Full text

Abstract:

碩士
國立高雄第一科技大學
財務管理研究所
101
According to the research methods of Blume and Keim (2008) divided into the stock market capitalization quintiles, explore the preferences of different cap stocks held by institutional investors, particularly in the small-cap stocks as the main discussion. The research is divided into the following three parts. The first part is held by mutual funds the stock preferences found that institutional investors prefer small-cap stocks than large-cap stocks. The second part is the Fund''s holdings preferences change over time, the study showed no significant change in the trend, and the trend of the ratio of small-cap stocks held by the fund and Monitoring indicator time trends similar. The third part is to explore the different sizes of the fund''s holdings preferences and found that the ratio of small-cap stocks are held in small-cap fund were higher than the ratio of small-cap stocks held in large-cap funds, which means that small-cap funds more prefer to hold small-cap stocks than large-cap fund.

APA, Harvard, Vancouver, ISO, and other styles

32

Ye, Q., Yuliang Wu, and J. Liu. "Institutional preferences, demand shocks and the distress anomaly." 2018. http://hdl.handle.net/10454/15822.

Full text

Abstract:

Yes
Our paper examines the distress anomaly on the Chinese stock markets. We show that the anomaly disappears after controlling for institutional ownership. We propose two hypotheses. The growing scale of institutional investors and changes in institutional preferences can generate greater demand shocks for stocks with low distress risk than those with high distress risk, causing the former to outperform the latter. Consistent with our hypotheses, the growth of institutions explains the anomaly when the institutional market share increases rapidly. We also show that institutional preferences for stocks with low distress risk have significantly increased over time and changes in preferences also explain the anomaly. Finally, momentum trading and gradual incorporation of distress information cannot account for the anomaly.

APA, Harvard, Vancouver, ISO, and other styles

33

Nunes, João Paulo Pais Vaz. "Analysis of European Institutional Preferences for Stok Characteristics." Dissertação, 2013. https://repositorio-aberto.up.pt/handle/10216/70063.

Full text

APA, Harvard, Vancouver, ISO, and other styles

34

Nunes, João Paulo Pais Vaz. "Analysis of European Institutional Preferences for Stok Characteristics." Master's thesis, 2013. https://repositorio-aberto.up.pt/handle/10216/70063.

Full text

APA, Harvard, Vancouver, ISO, and other styles

35

LIN, SHIH-HAN, and 林士涵. "A study on the legislator stock market participation and investment portfolio preferences." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/18307151767207945200.

Full text

Abstract:

碩士
國立雲林科技大學
資訊管理系
102
This study explored the reasons of legislators to participate in the stock market and their investment portfolio. Members of the Legislative Yuan played an important role in Taiwan. Their decision often determines the economic development of Taiwan. The legislator's portfolio must have some correlation with economic development of Taiwan industry. Therefore the analysis of legislator financial decision would be an important issue. All of sample of this study is practically with the hand-collected from 2010 to 2013 information on the property declaration of legislators based on the Sunshine Acts in website of the Control Yuan, Republic of China. After statistics analysis, the result of findings all of legislator are highly education level (77.9% having master degree) and have a relatively uniform above-average asset. The study finds that legislator stock market participation is strongly associated with political orientation, higher education level, and wealth higher than median. And the two most relevant factors influence legislators to participate in the stock market are party and wealth. Further, the KMT legislator market participation, wealth and education level are obviously higher than the other party. The result of legislator portfolio preference in electronic and other stocks categories has more impact factor. It would provide evidence on legislators can use their power in legislative process to impact the firm stock price and get interests. Finally, hope this research would help voters and have the effect of supervision of legislators.

APA, Harvard, Vancouver, ISO, and other styles

36

Huang, Yu-Wen, and 黃郁雯. "Lucky Number Premium: Numerological Superstition and Investment Preferences on the Taiwan Stock Market." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/3rqhez.

Full text

Abstract:

碩士
國立東華大學
財務金融學系
104
This study shows that the firms with lucky listing codes on the Taiwan Stock market are traded at a premium compared to the firms with unlucky listing codes. The lucky number premium exists without interruption until the 44th month after IPO, and can still be found in the long run—at least nine years after IPO. We believe that this long-lasting premium for firms with lucky listing codes just represents investors’ significant preference for lucky numbers. This phenomenon can be viewed as evidence that cultural numerological superstition induces irrational investment preferences. Further examination shows that the digits. 8 and 9 are particularly favored by investors. The lucky number premium is robust in different sub-periods from the 1990s to 2008, but has vanished in recent years. Interestingly, the lucky number premium only appears for firms with a low institutional holding, implying that individual investors are more likely to be affected by numerological superstition.

APA, Harvard, Vancouver, ISO, and other styles

37

Souphavongtay, Olayvanh. "The Stock Preferences of Portuguese Mutual Fund Managers during Bull and Bear Market Periods." Dissertação, 2014. https://hdl.handle.net/10216/75134.

Full text

APA, Harvard, Vancouver, ISO, and other styles

38

Souphavongtay, Olayvanh. "The Stock Preferences of Portuguese Mutual Fund Managers during Bull and Bear Market Periods." Master's thesis, 2014. https://hdl.handle.net/10216/75134.

Full text

APA, Harvard, Vancouver, ISO, and other styles

39

Leal, Cristiana Maria da Silva Cerqueira. "Individual investors' repurchasing behavior : preferences for stocks currently and previously owned." Doctoral thesis, 2013. http://hdl.handle.net/1822/23564.

Full text

Abstract:

Tese de doutoramento em Ciências Empresariais
The main purpose of this thesis is to study how individual investors behave concerning the repurchasing of stocks previously owned as well as the additional purchasing of stocks currently owned. We find, for a sample of 5,128 investors, that repurchases of stocks previously owned represent 29% of all purchases, while additional purchases of stocks currently owned represent 37%. In an exploratory study, we find that the purchase of more units of the stocks currently owned appears to be an established pattern in investors’ minds while the repurchase of previous holdings appears to be much hazier. Overall, investors report situations of additional purchasing of their current losers, while preferences to repurchase related with past returns and historical price patterns are not that well established. Based on a unique database of 5,128 individual investors trading in the period from 1st August 2003 to 31st July 2007, we find that investors prefer to repurchase prior winners and that decreased in price after being sold, in line with Strahilevitz, Odean and Barber (2011). We also find that investors prefer to additionally purchase their current losers. The larger the prior gain, or the decrease in price after the sell, the more likely the investor is to purchase the same stock again. In addition, the larger is the current loss the more likely the investor is to purchase more units of that stock. Moreover, we find statistically significant differences in these patterns related to firmspecific and investor-specific characteristics: the purchase of current and prior holdings is more likely for Portuguese visible stocks with negative market adjusted performance, and particularly for less active, under-diversified, and poor performance investors. Overall, we find that reference prices, prior stock returns, stock visibility, and investor performance and sophistication are determinants of the repurchasing behavior.
O objetivo desta tese é estudar o comportamento dos investidores individuais no que diz respeito à recompra de ações previamente detidas bem como à compra adicional de ações atualmente detidas. Para uma amostra de 5,128 investidores, verificamos que recompras de ações previamente detidas representam 29% de todas as compras, enquanto compras adicionais de ações detidas representam 37%. Num estudo exploratório, constatamos que a compra de mais unidades de ações atualmente detidas parece ser uma padrão definido na mente dos investidores, enquanto que a recompra de ações previamente detidas não parece tão claro. Globalmente, os investidores relatam situações de compra adicional quando as ações incorrem em perdas, enquanto que a existência de preferências de recompra relacionadas com ganhos e perdas passados, e evolução histórica dos preços, não parecem tão bem definidas. Com base numa amostra única das transações de 5,218 investidores individuais, constatamos que existe uma preferência para recomprar os ativos com os quais realizamos ganhos e cujo preço baixou após a venda, em linha com Strahilevitz, Odean and Barber (2011) e, simultaneamente, para comprar mais unidades das ações com perdas atualmente em carteira. Quanto maior o ganho prévio e a diminuição do preço após a venda, mais provável é a recompra dessa ação. Simultaneamente, quanto maior a perda atual, mais provável é a compra adicional dessa mesma ação. Adicionalmente, encontramos diferenças estatisticamente significativas nas preferências relacionadas com caraterísticas específicas da empresa e do investidor: a recompra de ativos atualmente ou previamente detidos é mais provável para títulos nacionais de visibilidade e com desempenho prévio negativo e para investidores pouco ativos, pouco diversificados e com fraco desempenho. Globalmente, constatamos que os preços de referência, a visibilidade e o desempenho prévio dos títulos, bem como o desempenho e sofisticação dos investidores são determinantes do comportamento de recompra.

APA, Harvard, Vancouver, ISO, and other styles

40

Lou, Nan-Hsuan, and 樓楠萱. "The study of gambling preference, trading behavior and return comovement among lottery-like stocks." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/3b3a3k.

Full text

Abstract:

碩士
銘傳大學
財務金融學系碩士班
106
An emerging literature in finance examines the potential link between gambling behavior and financial market outcomes. Recent studies predict that investors would be willing to accept a negative return premium for stocks with positively-skewed returns. Gambling-motivated investors prefer the lottery-like stocks with low nominal share price, high idiosyncratic skewness and high idiosyncratic volatility. Lottery-like stocks are overpriced in the short-run and earn a negative average risk-adjusted return in the long-run. This study investigates whether there exists excess return comovement among lottery stocks in Taiwan stock market. Applying the order flow data, we examine the correlated trading on lottery stocks by different types of investors and how the order flow comovements of different types of investors influence on the return comovement among lottery stocks. Finally, we examine which common factors, including stock market sentiment, attention grapping events of lottery market, Chinese New Year effect and economic states, systematically impact the return comovement among lottery stocks.

APA, Harvard, Vancouver, ISO, and other styles

41

Chih-Hao, Kuo, and 郭志豪. "Monday effect, Holding preference and Institutional holding on tourism stocks: The Taiwan market evidence." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/37279529413003448364.

Full text

Abstract:

碩士
南台科技大學
財務金融系
97
This paper is based on Agent Cost Theory and Efficient Market Theory to investigate the Monday effect where average Monday return is significantly negative and explore foreign and institutional holding preference for tourism firms as a recommendation when they have to raise additional fund. The total number of usable observation contains 19 TSE and 14 OTC tourism firms and the data frequency is weekly pattern. The empirical results report that the “tradition” Monday effect does not activate on the tourism stocks of Taiwan Security Exchanges and the Over Counter Market (TSE and OTC) and, further indicate the positive return on the last trading day (especially Friday) is one of factors to result in the positive Monday return. Moreover, regression analyses discover a contrary finding to most of literatures that the mean Monday returns of tourism stocks with a lower percentage of institutional investors are higher than that of stock portfolios with a higher percentage of institutional investors. In addition, the undiscovered relationship between Monday exchange rate movement and Monday return are negatively correlated, suggesting the positive Monday return coincides with the appreciation of the New Taiwan Dollar. The only one difference in the TSE relative to OTC market is that foreign and institutional investors have significantly higher holding on Monday than on previous Friday. Based on above findings, this paper supposes institutional holding tend to purchase stocks on Monday after the positive Friday return and which maybe the reason the result in the Monday appreciation. However, this situation is not significantly in the OTC market. As to the preference examination, in the TSE, foreign investors and Dealers have a great affection for big-size companies, while high-debt-ration and high-dividend-ratio firms are those that kept away by foreign investors. However, in the OTC, all of the institutions, foreign investors, Security Investment Trusts and Dealers, have a great affection for large-size companies.

APA, Harvard, Vancouver, ISO, and other styles

42

Yu, Ya-Wen, and 游雅雯. "The Impact of Retail Out-of-stock Options on Preferences: The Role of Consumers’ Need for Uniqueness versus Conformity." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/yrsape.

Full text

Abstract:

碩士
東吳大學
國際經營與貿易學系
101
This study tested the hypothesis that customers’ need for uniqueness or conformity moderates the effect on their initial preference for a particular product of their discovery in the store of a previously unconsidered comparable alternative, which happens to be presently out of stock. In the study 1, participants who were been primed as independent exhibited a stronger preference for the option originally under consideration if the alternative was out of stock out due to heavy demand rather than short supply. By comparison, participants whose self-concept was primed as interdependent exhibited a weaker preference for the initial option if the alternative product was unavailable due to heavy demand, not short supply. Study 2 examines consumers’ need for uniqueness as a moderator of the impact of retail out-of-stock options on preferences. The results showed that high-uniqueness individuals experienced increased preference for the initial option if they were told that a comparable alternative was out of stock due to heavy demand, not short supply, whereas the converse holds true for low-uniqueness individuals. Study 3 also examines the moderated effect of consumers’ conformity and the results revealed that high-conformity individuals exhibited a weaker preference for the initial option if the alternative product was unavailable due to heavy demand, not short supply, whereas the low-conformity exhibited a converse hold.

APA, Harvard, Vancouver, ISO, and other styles

Dissertations / Theses on the topic 'Preference stock'

Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles