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Full-Text Articles in Business
Rankings Of Published Price-Earnings Ratios And Value Investor Attention, Jordan Moore
Rankings Of Published Price-Earnings Ratios And Value Investor Attention, Jordan Moore
Rohrer College of Business Faculty Scholarship
Price-earnings (P/E) ratios are the most popular proxy for fundamental value and are widely published using a common methodology. This paper explores whether stocks with high P/E rankings are especially salient to individual investors with attention constraints. Consistent with the role of attention, P/E rankings predict the returns of strategies based on size, liquidity, and short-term reversals as well as increases in trading volume and liquidity. Financial data providers publish P/E ratios for stocks with positive earnings, but do not publish P/E ratios for stocks with negative earnings. P/E rankings predict returns and changes in trading volumes for stocks with …
The Anatomy Of Bank Performance During Transition: A Separate Efficient Frontier Analysis Of Ukrainian Banks, Ihsan Isik, Larissa Kyj, Ihsan Kulali
The Anatomy Of Bank Performance During Transition: A Separate Efficient Frontier Analysis Of Ukrainian Banks, Ihsan Isik, Larissa Kyj, Ihsan Kulali
Rohrer College of Business Faculty Scholarship
By drawing on Ukrainian experience, this paper analyzes the anatomy of bank efficiency in a transitional economy. Acknowledging the vast disparities in the business technology of different size banks, in this comprehensive study, we innovatively estimate group-specific (distinct) frontiers for small, medium, and large size banks. The results from separate frontiers reveal that Ukrainian banks record 38% technical inefficiency, 26% pure technical inefficiency, and 17% scale inefficiency on average. Apparently, banks in transition waste about the two fifths of their factor inputs during the production of financial services. The cardinal source of sub-performance in transitional banks seems to be managerial …