Finance and Financial Management Commons^™

The Effects Of Prior Trading Performance Have On Risk-Taking Of Subsequent Trading – The House Money Effect, Lenz Tan Koon Bin

Dissertations and Theses Collection (Open Access)

This study tests for house money effect on 2,030 non-professional FX investors trading through an Australian Financial Service provider. The results indicate that, in general, investors display a positive relationship between prior gains and the change in subsequent weekly risk-taking - the house money effect. The results also suggest that astute investors display a stronger house money effect than mediocre investors following prior gains. In comparison, mediocre investors display a stronger disposition effect following prior losses than astute investors. The study further reveals that investors who initially demonstrated the house money effect became more prone to the disposition effect during …

A Study On The Impact Of Technological Innovation Attributes On Listing Success Rate And Post-Listing Performance, Yijun Xu

Dissertations and Theses Collection (Open Access)

"Key and core technology" enterprises form the backbone of great powers. China’s STAR Market (technological innovation board) is committed to implementing strategies that will lead to technological innovation-driven sustainable development and strengthen the country by building a secure and independent industrial chain that can support the development of cutting-edge technology. From the outset, the STAR Market put forward clear requirements for "key and core technology" enterprises. The technological innovation attributes of the enterprises listed on the STAR Market are the most essential core characteristics, but a question arises as to how best to evaluate their technological innovation attributes. Are these …

A Study On The Mechanisms Of Shareholders’ Equity Adjustment In Bankruptcy Reorganization Of Listed Companies, Yongliang Zhang

Dissertations and Theses Collection (Open Access)

In recent years, amid cyclical macroeconomic fluctuations, national economic slowdown, economic restructuring, and over-expansion of some enterprises, a number of listed companies have faced serious debt and operational challenges, many of which are worthy of keeping afloat. From June 1, 2007 when the Enterprise Bankruptcy Law of the People’s Republic of China came into effect, up to the end of 2021, a total of 93 listed companies in China have gone through bankruptcy reorganization, one of the major means to save the listed companies in distress.

The bankruptcy reorganization of listed companies, by its nature, is a process of game …

Essays On Financial Materiality Of Corporate Social Responsibility And Corporate Strategies, Yang Lan

Dissertations and Theses Collection (Open Access)

This dissertation investigates how the endorsement of certain social activities by CSR standards impacts stakeholders’ interpretation on firms’ motivation of doing CSR and how managers make decisions on which specific CSR activities they would like to participate in. The first essay examines how the standards release of CSR by Sustainability and Accounting Standards Board (SASB) affects the relationship between material CSR and firm performance outcomes in terms of stock returns (for investors) and sales growth (for customers), through shaping investor and customer perceptions on the motivation underlying a firm’s material CSR activities. I further argue that a sharp increase in …

Information Acquisition And Market Friction, Bo Sang

Dissertations and Theses Collection (Open Access)

My dissertation consists of three papers related to information diversity, acquisition, and asymmetry. One part of the dissertation explores the implications of interactions among different market participants and subsequent price efficiency in the stock market. The empirical findings indicate the information diversity between individuals and institutional investors, as well as an important channel for retail investors to obtain useful information – through insider filings. The remaining part investigates the information asymmetry between issuers and naive investors in the cryptocurrency market. In Chapter 2, I aggregate trading signals from hedge funds and retail investors, in order to examine their information diversity …

Essays On Information Diffusion And Stock Market Efficiency & Analyst Style, Zuben Jin

Dissertations and Theses Collection (Open Access)

The dissertation consists of three chapters on information diffusion and stock market efficiency and analyst style. The first chapter examines the asset pricing implications of investors’ inattention to non-obvious firm relatedness hidden in earnings calls. This chapter documents that the overlap in attention allocation over various business aspects serves as a time-sensitive proxy for firm relatedness. By employing the unsupervised topic modelling methodology, I characterize the attention allocation of earnings conference call participants (executives, investors and analysts) over topics discussed. I construct a novel cross-firm topic similarity measure that captures difficultto-observe and time-varying firm relatedness compared with existing peer-firm classification …

The Industry Expertise Of Sell-Side Equity Analysts, Matthew Louis Dearth

Dissertations and Theses Collection (Open Access)

Institutional investors, the most important consumer of analyst research, consistently rank industry knowledge as the most important attribute of analysts. Despite this, little is known about how investors measure industry knowledge since analyst output which can be evaluated objectively is usually associated with firm-level outcomes such as earnings forecasts or price targets. Comprehensive data are recently available for analyst forecasts of key performance indicators (“KPIs”), firm-performance metrics specific to a particular industry. Whereas reactions to earnings forecasts and other firm-level outputs only inform us about analyst skill in firm-level predictions, stock-price reactions to forecast revisions of industryspecific KPIs can proxy …