作者：Ogden, JP
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：This paper documents, for 1947-2000, seasonalities in economic activity, stock and bond returns, and relationships among them. Evidence is consistent with an annual cycle view of economic activity and risk conditions. The power of lagged stock returns to forecast economic activity is greater for quarters ending in December and March. Mean excess returns on NYSE stocks in October through March account for 78-107% of their annual means and reflect a seasonal asymmetric return reversal tendency, ...
作者：Smart, SB; Zutter, CJ
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We find that dual-class firms experience less underpricing than single-class firms and explore several hypotheses which explain this phenomenon. Compared to single-class firms, dual-class companies have slightly higher post-IPO institutional ownership and experience fewer control events. Although dual-class firms achieve a lower underpricing cost, they trade at lower prices relative to earnings and sales than single-class IPOs. This pricing differential, combined with evidence that dual-class ...
