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1. |
International Portfolio Diversification and the Magnitude of the Market Timer's Penalty |
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Journal of International Financial Management&Accounting,
Volume 6,
Issue 3,
1995,
Page 193-204
Kirt C. Butler,
Dale L. Domian,
Richard R. Simonds,
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摘要:
AbstractMarket timers without timing skill suffer a penalty relative to buy‐and‐hold investors in the form of higher portfolio risk. With transactions costs, timers suffer lower expected returns as well. We derive the magnitude of this penalty for a timer randomly switching funds between two or more risky assets. Assuming costless trades, a U.S.‐based timer randomly switching between U.S. and Japanese national stock funds can expect to face a 26.2% higher standard deviation than a comparable buy‐and‐hold investor at the same level of expected return. A timer randomly switching between a globally diversified equity portfolio and U.S. T‐bills faces a 50.3% higher standard deviation of return than a comparable buy‐and
ISSN:0954-1314
DOI:10.1111/j.1467-646X.1995.tb00056.x
出版商:Blackwell Publishing Ltd
年代:1995
数据来源: WILEY
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2. |
The Association Between Accounting Determined Risk Measures and Analysts' Risk Perceptions in a Medium‐Sized Stock Market |
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Journal of International Financial Management&Accounting,
Volume 6,
Issue 3,
1995,
Page 207-229
Mohan Selva,
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摘要:
AbstractThis paper investigates the association between financial analysts' risk perceptions and accounting and market determined risk measures in Hong Kong. Analyses from a survey of risk perceptions among analysts reveal that:(1) Accounting determined risk measures, together with a contextual variable, explain 0.77 of the variation in perceptions. The statistic is comparable to those reported for the US and UK stock markets.(2) Analysts perceive higher risk in companies expected to exhibit a decline in earnings.(3) Correlation between perceptions and p‐e ratios is ‐0.74.(4) Correlation between market beta and p‐e ratios/perceptions is not significant.The results suggest that earnings expectations play a substantial role in the formation of risk perceptions and that risk perceptions may be a superior surrogate forex antemarket risk than beta. Implications for stock valuation in medium‐sized markets are di
ISSN:0954-1314
DOI:10.1111/j.1467-646X.1995.tb00057.x
出版商:Blackwell Publishing Ltd
年代:1995
数据来源: WILEY
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3. |
Failure Prediction: Evidence from Korea |
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Journal of International Financial Management&Accounting,
Volume 6,
Issue 3,
1995,
Page 230-249
Edward I. Altman,
Young Ho Eom,
Dong Won Kim,
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摘要:
AbstractThis study is an attempt to construct and test a distress classification model for Korean companies. Utilizing a sample of 34 distressed firms from the recent 1990‐1993 period and a matched (by industry and year) sample of non‐failed firms, we observe the classification accuracy of two models. Both models utilize measures of firm size, asset turnover, solvency and leverage with one model available for testing only on publicly traded companies and one model applicable to all public and private entities. We observe excellent classification accuracy based on data from the first two years prior to distress. And, although the accuracy drops off aftert‐2, the models still provide effective early warnings of distress in many cases. The results of this study are of particular relevance in the current financial market scenario of increased deregulation and greater individual financial institution decision making. It is somewhat ironic for us to be proposing the use of a financial distress early‐warning model given the current robust economic growth and low bankruptcy rate in Korea. But, the financial problems in Japan are a sobering reminder that high growth can be followed by financial excesses, increased business failures and large loan
ISSN:0954-1314
DOI:10.1111/j.1467-646X.1995.tb00058.x
出版商:Blackwell Publishing Ltd
年代:1995
数据来源: WILEY
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4. |
IEM Accounting: Grupo Televisa's Method Changes |
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Journal of International Financial Management&Accounting,
Volume 6,
Issue 3,
1995,
Page 250-255
Martin Fridson,
Wan Gao,
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ISSN:0954-1314
DOI:10.1111/j.1467-646X.1995.tb00059.x
出版商:Blackwell Publishing Ltd
年代:1995
数据来源: WILEY
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5. |
Book Review |
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Journal of International Financial Management&Accounting,
Volume 6,
Issue 3,
1995,
Page 256-257
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PDF (125KB)
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摘要:
Book Review in this ArticlePHILIP BROWN,Capital Markets‐Based Research in Accounting: An Introducti
ISSN:0954-1314
DOI:10.1111/j.1467-646X.1995.tb00060.x
出版商:Blackwell Publishing Ltd
年代:1995
数据来源: WILEY
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