Investment Analysts Journal最新文献_第10页

Correction 修正

IF 0.9 4区经济学

Investment Analysts Journal Pub Date : 2020-04-02 DOI: 10.1080/10293523.2020.1774712

Xiaoli Wu

引用次数: 0

Financial slack, method of payment and acquirer performance: The case of cross-border acquisitions into Africa 财务松弛、支付方式和收购方绩效：以非洲跨境收购为例

IF 0.9 4区经济学

Investment Analysts Journal Pub Date : 2020-04-02 DOI: 10.1080/10293523.2020.1755817

Chimwemwe Chipeta, Prince Nkiwane

{"title":"Financial slack, method of payment and acquirer performance: The case of cross-border acquisitions into Africa","authors":"Chimwemwe Chipeta, Prince Nkiwane","doi":"10.1080/10293523.2020.1755817","DOIUrl":"https://doi.org/10.1080/10293523.2020.1755817","url":null,"abstract":"ABSTRACT This paper examines the influence of financial slack on the method of payment and financial performance of acquirers targeting African firms. Using panel data estimation techniques and controlling for, inter alia, firm and deal specific factors, we find no evidence that financial slack has a statistically significant influence on the means of payment. However, firms with high leverage have a higher propensity to acquire a target by using cash. Furthermore, we document a weak association between financial slack and acquirer post-acquisition performance. When we classify firms in terms of the degree of financial slack and considering the method of payment, we find that firms with a low degree of financial slack generate negative long-run operating returns. These results are consistent across the method of payment used. Conversely, firms with a high degree of financial slack that use cash and a combination of financing sources yield positive and statistically significant long-run operating returns. We further show that undervalued firms are significantly more likely to use cash as a form of payment.","PeriodicalId":44496,"journal":{"name":"Investment Analysts Journal","volume":"49 1","pages":"104 - 92"},"PeriodicalIF":0.9,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10293523.2020.1755817","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42716817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Expected option returns during the post-GFC era 后全球金融危机时代的预期期权回报

IF 0.9 4区经济学

Investment Analysts Journal Pub Date : 2020-04-02 DOI: 10.1080/10293523.2020.1759924

Cheng Yan, Xiaoli Wu

引用次数: 0

Modelling spillover effects between the UK and the US stock markets over the period 1935–2020 1935-2020年期间英国和美国股市之间的溢出效应建模

IF 0.9 4区经济学

Investment Analysts Journal Pub Date : 2020-04-02 DOI: 10.1080/10293523.2020.1773143

Olalekan Aladesanmi

引用次数: 3

Bank sensitivity to international regulatory reform: The case of Korea 银行对国际监管改革的敏感性：以韩国为例

IF 0.9 4区经济学

Investment Analysts Journal Pub Date : 2020-04-02 DOI: 10.1080/10293523.2020.1775989

Doojin Ryu, Robert I. Webb, Jinyoung Yu

引用次数: 5

A framework for online investment decisions 在线投资决策的框架

IF 0.9 4区经济学

Investment Analysts Journal Pub Date : 2020-03-30 DOI: 10.1080/10293523.2020.1806460

A. Paskaramoorthy, T. Gebbie, Terence L. van Zyl

{"title":"A framework for online investment decisions","authors":"A. Paskaramoorthy, T. Gebbie, Terence L. van Zyl","doi":"10.1080/10293523.2020.1806460","DOIUrl":"https://doi.org/10.1080/10293523.2020.1806460","url":null,"abstract":"ABSTRACT The artificial segmentation of the investment management process into silos of human operators can restrict silos from collectively and adaptively pursuing a unified investment goal. In this article, we argue that the investment process can be accelerated and be made more cohesive by replacing batch processing for component tasks of the investment process with online processing. We propose an integrated and online framework for investment workflows, where components produce outputs that are automatically and sequentially updated as new data arrives. The workflow can be further enhanced to refine signal generation and asset class evolution and definitions. Our results demonstrate that we use this framework in conjunction with resampling methods to optimise component decisions with direct reference to investment objectives while making clear the extent of backtest overfitting. We consider such an online update framework to be a crucial step towards developing intelligent portfolio selection algorithms that integrate financial theory, investor views, and data analysis with process-level learning.","PeriodicalId":44496,"journal":{"name":"Investment Analysts Journal","volume":"49 1","pages":"215 - 231"},"PeriodicalIF":0.9,"publicationDate":"2020-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10293523.2020.1806460","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45958006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

The firm’s asset volatility, effective tax rate and leverage effect: Evidence from Taiwan 企业的资产波动性、有效税率和杠杆效应——来自台湾的证据

IF 0.9 4区经济学

Investment Analysts Journal Pub Date : 2020-01-02 DOI: 10.1080/10293523.2019.1707457

An-Sing Chen, P. Anh

引用次数: 0

Does the choice of fund performance measure matter? 基金业绩衡量标准的选择重要吗？

IF 0.9 4区经济学

Investment Analysts Journal Pub Date : 2020-01-02 DOI: 10.1080/10293523.2020.1723865

C. Adcock, Nelson Areal, M. C. Cortez, B. Oliveira, F. Silva

引用次数: 5

Are macroeconomic factors adequate proxies for systematic influences in stock returns? A South African perspective 宏观经济因素是否足以代表股票收益的系统性影响?南非的视角

IF 0.9 4区经济学

Investment Analysts Journal Pub Date : 2020-01-02 DOI: 10.1080/10293523.2020.1723854

J. Szczygielski, Leon M. Brümmer, H. Wolmarans, Adam Zaremba

{"title":"Are macroeconomic factors adequate proxies for systematic influences in stock returns? A South African perspective","authors":"J. Szczygielski, Leon M. Brümmer, H. Wolmarans, Adam Zaremba","doi":"10.1080/10293523.2020.1723854","DOIUrl":"https://doi.org/10.1080/10293523.2020.1723854","url":null,"abstract":"ABSTRACT We investigate whether macroeconomic factors adequately proxy for systematic influences in stock returns within the South African context. We also investigate whether a commonly used solution to factor omission in macroeconomic factor models, the residual market factor, adequately reflects systematic influences not reflected by a set of macroeconomic factors. Our contribution lies in precisely quantifying the ability of macroeconomic and residual market factors to proxy for systematic drivers of returns. Systematic influences are represented by statistically derived factor scores which are then related to a set of carefully selected macroeconomic factors. We find that the identification of macroeconomic factors that proxy for systematic influences is a challenge in itself. Once identified, macroeconomic factors are poor and unstable proxies for systematic influences and the use of a residual market factor does not significantly improve the approximation of factor scores. Our conclusion is that macroeconomic linear factor models are likely to be underspecified, even if a residual market factor is included. This has implications for researchers, investors, econometricians and economists that rely on macroeconomic factor models to study financial markets.","PeriodicalId":44496,"journal":{"name":"Investment Analysts Journal","volume":"49 1","pages":"34 - 52"},"PeriodicalIF":0.9,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10293523.2020.1723854","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45826636","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 9

Stock prices and dividends: A South African perspective 股票价格和股息:一个南非的视角

IF 0.9 4区经济学

Investment Analysts Journal Pub Date : 2020-01-02 DOI: 10.1080/10293523.2019.1682786

A. Charteris, K. J. Chipunza

引用次数: 4