Are stock price reversals really asymmetric? A note

Article Abstract:

It has been theorized that equity markets overreact to financial news such that a sharp rise or decline in market price results in predictable reversals. It has also been proposed that the stock market overreaction effect is 'asymmetric' in that price reversals are not the same for winners and losers. However, it is now argued that this apparent market anomaly is only an illusion created by the idiosyncratic characteristics of returns. An alternative measure, the Reversal Coefficient, is developed for assessing the strength of price reversals.

Prices and rates, Stocks, Stock prices, Efficient market theory

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Personal taxes and the time variation of stock returns - evidence from the UK

Article Abstract:

A differential analysis on capital gains and treasury bill rates was undertaken in the UK to assess the impact of tax treatment policies on the predictability of market returns. Experimental results indicate that the coefficients of tax-adjusted dividends were excessively larger compared to derived relationships. Such implies that the imposition of tax treatments on dividends does not create a direct effect on the predictability of stock returns.

Public Finance Activities, Capital Gains Taxes, United Kingdom, Usage, Economic aspects, Capital gains tax, Time-series analysis, Time series analysis

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Ownership, managerial control and the governance of companies listed on the Brussels stock exchange

Article Abstract:

A study of the Brussels stock exchange is presented with emphasis on corporate control. The impact of managerial control and ownership on performance and the consequences of poor results are examined.

Management, Corporations, Brussels, Belgium (City)

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