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Full-Text Articles in Finance and Financial Management
Ringing The Bell: Does It Matter And Why?, Steven Dolvin, Hinh Khieu, Mark Pyles
Ringing The Bell: Does It Matter And Why?, Steven Dolvin, Hinh Khieu, Mark Pyles
Steven D. Dolvin
We explore the ongoing debate between market efficiency and behavioral finance by examining the market’ s reaction to what most investors would consider an information-neutral event: a firm ringing the opening or closing bell on the NYSE. Consistent with behavioral theories, we find that firms who ring the opening bell experience, on average, a positive abnormal return on the event day; however, we find that the reaction is concentrated in a particular group of participants. Specifically, we find the abnormal returns are driven almost entirely by firms who are celebrating the transfer of their stock listing to the NYSE. Given …
Can Cognitive Error Explain The Ipo Partial Adjustment Phenomenon?, Steven D. Dolvin
Can Cognitive Error Explain The Ipo Partial Adjustment Phenomenon?, Steven D. Dolvin
Steven D. Dolvin
Chapter 5 of: Klein, E. (2005). Stock exchanges, IPO's and mutual funds. New York: Nova Science Publishers.
The Impact Of Board Structure On Ipo Underpricing, Steven Dolvin, Jack Kirby
The Impact Of Board Structure On Ipo Underpricing, Steven Dolvin, Jack Kirby
Steven D. Dolvin
Prior research has examined the impact of board structure on firm performance and found that characteristics such as board size affect both operating and stock price performance. Existing research has concentrated primarily on performance in periods well removed from a firm’s initial public offering (IPO), and relatively little research has examined the impact of board structure on the stock price performance of IPOs, particularly with regard to characteristics other than board size. This study fills this gap, finding that the key board characteristic is the percentage external directors on the board. The authors find that the greater the percentage of …
Off The Rack Versus Savile Row: The Value Of Custom Tailoring For Equity Investors, Steven Dolvin, John Gonas
Off The Rack Versus Savile Row: The Value Of Custom Tailoring For Equity Investors, Steven Dolvin, John Gonas
Steven D. Dolvin
eparately managed accounts (SMAs) generally carry a higher fee structure than standard mutual funds, but managers tout the ability to customize accounts as being worthy of this higher cost. This customization may increase returns, or it may simply allow for more personalized tax management or control over other unique circumstances. • Very little research exists on the relative return benefit of SMAs compared with actively managed mutual funds. We fill this gap by examining firms that offer concurrently managed funds-SMAs as well as matching mutual funds run by the same manager(s) and following the same general strategy. • We find …