Predicting returns with managerial decision variables: is there a small-sample bias?

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Predicting returns with managerial decision variables: is there a small-sample bias?

Baker, Malcolm - ; Wurgler, Jeffrey - ; Taliaferro, Ryan - ;

Many studies find that aggregate managerial decision variables, such as aggregate equity issuance, predict sock or bond market returns. Recent research argues that these findings may be driven by an aggregate time-series version of Schultz's (2003) pseudo market-timing bias. Using standards simulations techniques, we find that the bias is much too small to account for the observed predictive power of the equity share in the new issues, corporate investment plans, insider trading, dividend initiations, or the maturity of corporate debt issues..Printed Journal

Ketersediaan

Call Number	Location	Available
	PSB lt.dasar - Pascasarjana	1

Penerbit	The American Finance Association.,
Edisi	-
Subjek	Decision making Regression analysis Market timing Securities Markets Impact analysis studies Bias Rates of return
ISBN/ISSN	221082
Klasifikasi	-
Deskripsi Fisik	-
Info Detail Spesifik	-
Other Version/Related	Tidak tersedia versi lain
Lampiran Berkas	Tidak Ada Data