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Reits And Stock Market Cointegration, Jessie E. Felix
Reits And Stock Market Cointegration, Jessie E. Felix
Open Access Theses & Dissertations
Real Estate is popular among investors looking for attractive total returns, predictable price movements, and low correlations to the general equity markets. The financial crisis of 2007 led by real estate mortgage defaults led to a universal bear market, and a credit freeze which impacted REITs ability to raise capital. REITs long viewed perception as a distinct asset class was questioned as a result. Research analyzing REITs long run trends find evidence of an existing long run relationship between REITs, and the S&P. This paper employs the same cointegration framework of prior studies using a longer sample period, and favors …
Investigations Into The Underpricing Of Seasoned Equity Offerings And The Cost Of Equity, Anh Duc Ngo
Investigations Into The Underpricing Of Seasoned Equity Offerings And The Cost Of Equity, Anh Duc Ngo
Open Access Theses & Dissertations
This dissertation consists of three separate but related essays investigating new determinants of the underpricing of seasoned equity offering (SEOs). It also examines new mechanisms and channels that affect the pricing of SEOs. The first essay examines the impacts of earnings smoothing on SEO underpricing. It aims to investigate whether earnings smoothing can add value to firms by reducing the degree of SEO underpricing. The findings show that smoothing earnings performance resulting from discretionary accruals is negatively related to SEO underpricing and improve earnings informativeness. This essay contributes specifically to the current literature on earnings smoothing by demonstrating that high …
The Impact Of The Proposed Format Of Financial Statements By Iasb And Fasb On Investors' Decisions, Francisco Villanueva
The Impact Of The Proposed Format Of Financial Statements By Iasb And Fasb On Investors' Decisions, Francisco Villanueva
Open Access Theses & Dissertations
This dissertation investigates the impact of the proposed format of financial statements from the International Accounting Standard Board (IASB) and the Financial Accounting Standard Board (FASB) on investors' decisions. In particular, the research question of this study is whether the proposed format reduces the bias from the disposition effect. In 2008, the FASB in conjunction with the IASB published an exposure draft to modify the presentation of financial statements. The proposed format does not change the content of the financial information; it only modifies how information is presented in the financial statements. In other words, recognition of assets, liabilities, revenues, …