Tài liệu miễn phí Đầu tư Chứng khoán
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Vai trò của quy mô đối với hiệu ứng momentum trên thị trường chứng khoán Việt Nam
Bài báo này xem xét vai trò của quy mô đối với hiệu ứng momentum trên thị trường chứng khoán (TTCK) Việt Nam, giai đoạn từ tháng 01/2012 đến tháng 12/2017. Trong đó, nghiên cứu sử dụng nhiều phương pháp thiết kế danh mục và phương pháp kiểm định khác nhau để làm rõ mối quan hệ nêu trên. Với mẫu toàn bộ các cổ phiếu trên thị trường, kết quả không cung cấp bằng chứng thống nhất và có ý nghĩa thống kê mạnh về sự tồn tại của hiệu ứng momentum. Tuy nhiên, khi xem xét hiệu ứng momentum ở các nhóm quy mô khác nhau, kết quả cho thấy bằng chứng có ý nghĩa thống kê mạnh về sự tồn tại của hiệu ứng momentum ngắn hạn, hiệu ứng momentum trung hạn (11 tháng tham chiếu) ở nhóm quy mô trung bình. Ngược lại, hiệu ứng momentum hầu như không tồn tại ở hai nhóm quy mô nhỏ nhất và nhóm quy mô lớn nhất. Ngoài ra, ở hai nhóm quy mô lớn nhất, kết quả cho thấy bằng chứng về sự tồn tại của hiệu ứng momentum với khung thời gian tham chiếu trong một tháng, trái ngược với hiệu ứng đảo ngược ngắn hạn.
3/29/2020 3:33:07 PM +00:00
Đánh giá tác động của các nhân tố tới khả năng niêm yết chéo trên Sở Giao dịch Chứng khoán Singapore của doanh nghiệp Việt Nam
Tính cho tới cuối năm 2018, Công ty cổ phần (CTCP) Hoàng Anh Gia Lai là công ty duy nhất tại Việt Nam thực hiện niêm yết chéo thành công trên Sở Giao dịch chứng khoán (SGDCK) London. Mặc dù đã có một số doanh nghiệp Việt Nam đưa ra kế hoạch niêm yết nước ngoài, tuy nhiên đều chưa thực hiện được. Bài viết nghiên cứu về tác động của các nhân tố thuộc về đặc điểm doanh nghiệp tới khả năng niêm yết chéo của doanh nghiệp Việt Nam. Sử dụng mô hình hồi quy nhị phân logit và mô hình Cox hazards để dự báo về xác suất niêm yết chéo tại SGDCK Singapore (SGX) của các doanh nghiệp niêm yết tại SGDCK TP. Hồ Chí Minh (HOSE). Kết quả của mô hình cho thấy quy mô công ty, hiệu quả hoạt động và tỷ lệ sở hữu củanhà đầu tư nước ngoài có tác động cùng chiều với khả năng niêm yết chéo tại SGX, trong khi đòn bẩy tài chính và tỷ lệ sở hữu của cổ đông lớn và cổ đông nhà nước sẽ làm giảm khả năng niêm yết chéo tại SGX trong giai đoạn 2014 tới 2018. Tăng trưởng doanh thu, tỷ lệ doanh thu nước ngoài và tỷ lệ sở hữu của cổ đông lớn sở hữu trên 10% không có ý nghĩa trong mô hình.
3/29/2020 3:31:38 PM +00:00
Ảnh hưởng của thông tin chia tách cổ phiếu đến sự thay đổi giá và thanh khoản của các cổ phiếu niêm yết trên Sở Giao dịch chứng khoán thành phố Hồ Chí Minh
Mục tiêu của nghiên cứu này là đo lường ảnh hưởng của thông tin chia tách cổ phiếu đến sự thay đổi giá và thanh khoản của các cổ phiếu niêm yết trên Sở Giao dịch chứng khoán Thành phố Hồ Chí Minh (HOSE). Sử dụng phương pháp nghiên cứu sự kiện với bộ dữ liệu bao gồm 237 sự kiện chia tách của 150 công ty niêm yết trên HOSE trong giai đoạn năm 2015- 2017, kết quả kiểm định thống kê cho thấy giá của các cổ phiếu đã tăng 0,59% ở phiên tiếp theo sau ngày công bố thông tin. Sự tăng giá của các cổ phiếu được duy trì liên tục suốt 10 phiên sau ngày công bố thông tin. Ngoài ra, nghiên cứu còn ghi nhận sự gia tăng về thanh khoản của các cổ phiếu trước thông tin chia tách cổ phiếu. Cụ thể là, thanh khoản của các cổ phiếu liên tục tăng, đặc biệt tăng mạnh ở hai phiên sau ngày công bố thông tin, và được duy trì trong suốt giai đoạn nghiên cứu.
3/29/2020 3:31:20 PM +00:00
Asymmetry and leverage effect of political risk on volatility: The case of BIST sub-sector
Modelling volatility in financial asset prices is very important for investment decisions and risk management. It is known that, political risk has a negative effect on stock returns. Especially, markets in which political risk increased, investment decisions change based on the changes that occur in financial asset returns. On the other hand, investors react more to negative shocks than to positive shocks. In this context, for a healthy investment policy, it is very important to make decisions having regard to the variance breaks that occur because of the political risk. In the study, firstly, breaks in unconditional variance of Borsa Istanbul (BIST) sub-sector index returns are detected with Modified Iterated Cumulative Sums of Squares Method. In the sequel, political events are determined among all the events that cause breaks in variance. Finally, by using threshold autoregressive conditional heteroskedasticity (TARCH) model, it is tested that if political events that cause breaks in variance, cause asymmetry and leverage effect in volatility of sub-sector returns or not. According to the results, it is concluded that political risks that cause breaks in variance, cause asymmetry and leverage effect on return volatility of XKAGT, XTAST, XMANA and XMESY sub-sectors.
3/29/2020 3:30:42 PM +00:00
Forecasting stock return volatility: Evidence from the west African regional stock market
This paper compares the out-of-sample forecasting performance of the GARCH, EGARCH, and GJR-GARCH models across the Normal distribution, Student-t distribution, and Generalized Error Distribution (GED) in the regional stock market of the West African Economic and Monetary Union called the BRVM. The study uses weekly returns ranging from 4 January 1999 to 10 March 2005 for in-sample estimation of conditional variance models, and the period from 11 March 2005 to 29 July 2005 for out-of-sample forecasting. Using the RMSE and MAE as measures of forecasting accuracy, I find that the EGARCH model outperforms both the GARCH and the GJR-GARCH models under the Student-t distribution and the GED.
3/29/2020 3:30:36 PM +00:00
Price volatility, information and noise trading: Evidence from Chinese stock markets
In China, domestic firms can issue A- and B-shares. Before Feb 2001, Domestic investors can only invest A-shares while foreign investors can only trade B-shares. This paper makes use of this special feature in testing information and trading noise hypotheses. We find that A-share prices are more volatile than B-share prices even though they are issued by the same companies and are traded in the same stock market. We further find that A-share prices are much more volatile only during the daytime (trading) period while it is less volatile for A-share prices than B-shares prices during the overnight (nontrading) period in China. Since individual investors dominate A-share markets while foreign institutional investors dominate B-share markets, the results are consistent with the conjecture that the higher volatility of A-shares is attributed to the noise trading by domestic investors.
3/29/2020 3:28:55 PM +00:00
Does price increases in Chinese stock index cause brent crude oil index? Applying threshold cointegration regression
This paper tests whether price increases in Chinese stock index cause Brent crude oil index. We apply threshold cointegration regression. Our findings in the usual regime suggest that oil price increases do not tend to affect Chinese stock market but oil prices better explain stock returns and stock price increases. However, our findings in the unusual regime suggest that stock price increases can be used as predictors for oil price increases, but oil price increases poorly explain stock price increases. Therefore, our findings could shed lights on threshold cointegratted dynamics of price increases between Brent crude oil and Chinese stock markets.
3/29/2020 3:28:49 PM +00:00
The expiration-day effect of derivatives’ trading: Evidence from the Taiwanese stock market
This work examines whether the expiration-day effect of derivatives’ trading exists in the Taiwanese stock market. The empirical results indicate that the futures’ volatility does not increase steadily as the expiration-day approaches, but only in the three days before this date. Further, the stock volatility decreases after the opening of the options market. Next, while the trading volumes increase after the opening of options trading, the variations in them decrease significantly. Finally, significant price reversal exists in both the stock and futures markets, but not in the options market.
3/29/2020 3:28:24 PM +00:00
Investigating liquidity-profitability relationship: Evidence from companies listed in Saudi stock exchange (Tadawul)
The growth and survival of business houses hinges on the liquidity and profitability. The dexterity to lever between the two domains is of paramount significance for the financial managers. The current study makes an earnest endeavor to investigate the relationship between liquidity and profitability of companies listed in Saudi Stock Exchange (Tadawul). The study encompasses 99 listed companies in Tadawul. The data are culled and collated from audited annual financial statements of listed companies for a period of five years from 2008 to 2012. The profitability facets of the companies are represented by the variables, namely, Return on Assets (ROA) and Return on Equity (ROE). The liquidity of the companies is gauged by current ratio, quick ratio and the absolute liquid ratio. The overall results revealed that there is only one positive significant relationship between Return on Assets (ROA) and Current Ratio (CR) of the companies in Saudi Arabia. Further, it is revealed that there is negative but insignificant relationship between the Return on Assets (ROA) and Quick Ratio (QR) & Cash Ratio (CHR) of the companies in Saudi Arabia. Likewise in the case of Return on Equity (ROE), there is insignificant relationship with the three selected independent variables, namely, Current Ratio (CR), Quick Ratio (QR) and Cash Ratio (CHR).
3/29/2020 3:27:54 PM +00:00
Stock markets and tax revenue
Many developing countries struggle to raise taxes. The present work considers the financial sector – specifically the stock market sector – as a boon for tax revenue. Historically I find that higher stock market total value traded sectors are associated with more tax revenue. Using a panel data set of 96 countries over the period 1990-2008 I find that stock markets positively influence government’s ability to raise tax revenue.
3/29/2020 3:26:52 PM +00:00
An empirical examination of returns on select ASIAN stock market indices
This study empirically examines the correlation among the returns of six select Asian stock market indices of India, China, Japan, Hong Kong, Singapore, and Taiwan. The study is conducted over a longer time period of 2000 – 2012. The correlation results provide useful information for foreign institutional investors, portfolio managers, regulators, and policy makers in designing appropriate strategies to maximize risk adjusted returns.
3/29/2020 3:26:34 PM +00:00
Economic growth and stock market development in Bahrain
This study investigates the relationship between stock market development and economic growth in the Kingdom of Bahrain over the twenty-five year period of 1990 to 2014. Using regression analysis, the study analyzes the relationship between economic growth, measured by GDP growth rate, and stock market indicators, such as size, liquidity, All-Share Index, turnover, and market capitalization. The first major finding is that stock markets indicators have influence on economic growth in Bahrain. The most significant of these variables are All-Share Index, market capitalization, and turnover ratio. This result indicates that stock market development leads to economic growth in Bahrain. Secondly, by investigating the effect of economic growth on stock market development, the study confirms that economic growth, in turn, also leads to development of the stock market. As such, when the relationship between economic growth and stock market development indicators is subjected to analysis, findings show that stock market development indicators explain variation in economic growth rates even at the sector level. These findings have clear policy implications, in that they provide evidence that strengthening the growth and reform of the stock market will help enhance economic growth in the country; therefore, the government should be encouraged to continue its efforts in this respect.
3/29/2020 3:26:22 PM +00:00
Market behavior in lucky days
The purpose of this paper is to examine whether or not the markets behave differently in different days of a month merely due to the meaning(s) associated with the digit a particular day end with. We used multiple univariate tests to test the quality of means for lunar days ending 5, 8 and 9(lucky days) against other days. OLS regression was also utilized to test statistical significance for the target dates in both Lunisolar and Gregorian calendar for Heng Seng and S&P 500 daily returns. The study finds that Hang Seng’s returns are higher for the lunar days associated with good luck in the Chinese culture (days end with 8 and 9) and lower for the lunar days ending with 5(5 is associated with unlucky meaning). However, it fails to show similar pattern and results for the S&P 500 daily returns. The research finding provides further evidence that cultural beliefs and superstitions can affect stock market returns. The paper also raises a new perspective and potential reason to explain stock returns movements in different stock markets. It further proves the notion that a significant portion of market movements are caused by participants’ irrational behavior such as cultural beliefs and superstition.
3/29/2020 3:26:04 PM +00:00
Empirical proof of the CAPM with higher order comoments in Nigerian stock market: The conditional and unconditional based tests
This study examines the significance of the risk factors in the CAPM with higher order co-moments using a two-pass methodological technique of Fama and Macbeth. Stock prices of 53 companies out of the 207 listed in Nigerian Stock Exchange (NSE) for a sample period January 2003 to December 2011 are analyzed. The study particularly augments the model using unconditional and conditional information. The unconditional test reveals that only the co-skewness risk is priced while the covariance and co-skewness demonstrate weak relationship with asset returns; while the conditional test shows that all the risk factors in the up-market are not priced but the covariance and co-skewness risk play significant role in explaining asset returns in the down-market phase. However, the conditional information has improved the descriptive ability of the model.
3/29/2020 3:25:51 PM +00:00
Exchange rate and inflation volatility and stock prices volatility: Evidence from Nigeria, 1986-2012
This study investigated the relationship between exchange rate and inflation volatility and stock prices volatility in Nigeria, using time series quarterly data from 1986Q1-2012Q4. The volatilities of exchange rate and inflation in this study were calculated using standard GARCH(1,1) models. The relationship between exchange rate, inflation volatility and stock prices volatility was examined using GARCH(1,1)-S models of an extended GARCH-X models. The findings of the study show that there is a negative relationship between stock market prices volatility and exchange rate and inflation volatility in Nigeria. This result has an important implication for the investors and regulators in the stock market. Investors and regulators in the Nigeria stock market should take note of the systematic risks revealed by the exchange rate and inflation volatility when structuring their investment portfolios and diversification strategies as well as in formulating policies respectively.
3/29/2020 3:24:26 PM +00:00
Do investors buy lotteries in China’s stock market?
Motivated by existing evidence of individual investors’ gambling preference in U.S. stock market (Kumar, 2009), this paper investigates characteristics of lottery-type stocks and individuals’ gambling preference in China’s stock market. Based on the practice situation of China’s stock market, this paper improves existing classification method and defines the lottery-type stocks as stocks with high MAX, high turnover rate, and low price. We show some unique characteristics of lottery-type stocks in China’s stock market. The distribution of lottery-type stocks in different industries is unbalanced, and the “lottery” feature is not permanent. The empirical results indicate that individual investors overweight stocks with lottery features in China’s stock market. Further, we find that individual investors exhibit a stronger gambling preference in the bull market.
3/29/2020 3:23:43 PM +00:00
Efficiency of the Nigerian stock market with respect to pure contemporary monetary policy instruments: A dynamic weighted LS approach
The study seeks to investigate empirically the relationship between the monetary policy instruments used by the Central Bank of Nigeria and stock market performance measured by the growth of market capitalization in the Nigerian Stock Exchange Market. We employed time series data that spanned from 1980-2013. This period was considered due to the liberalization of the financial sector. Utilizing the method of DWLS Model, the study found out that monetary policy instruments such as Monetary Policy Rate, Treasury Bills, Direct Credit Control and Broad Money Supply, have long and short-run high impacts on stock market performance. This implies that, those variables have great effect (positively or negatively) on the Nigerian stock market. Our findings also revealed that variations in market capitalization in the short run were also caused by the change in cash reserve ratio, liquidity ratio and exchange rate. The study suggests that, government through the monetary authority should be cautious enough to avoid discretionary policies that might hike the rate of interest, otherwise the flow of fund to the market will be derailed. The study concluded by giving policy recommendations to policymakers to understand the peculiarities of their own markets when formulating and implementing monetary policy.
3/29/2020 3:23:12 PM +00:00
Commercial banks profitability and stock market developments
The study examines whether the market capitalization and trading volume could be the determinants of the commercial banks profitability in Jordan and then to evaluate which performance measure between returns on assets (ROA) and returns on equity (ROE) is better to be used in measuring the profitability of those banks. Two Multiple regression models are used to examine these relationships for 13 Jordanian commercial banks within 2009-2013. It is found that market capitalization variable has negative and significant influence on ROA, but it has significant positive influence on ROE; trading volume has strongly significant and positive influence on both ROE and ROA, suggesting that trading volume is the determinant for the profitability; and finally, ROE is a more superior measure of profitability to ROA. Our results might assist all interested parties in indicating the relationship boundaries between stock market developments and banks’ profitability then may represent an explanation for financial incentives and barriers in financing nonfinancial industries which will be affected by the changes in bank competition in stock market.
3/29/2020 3:22:54 PM +00:00
Modelling day of the week effect on the Zimbabwe stock exchange
The objective of the study was to relate the overall stock market returns to the individual returns of trading days (Monday, Tuesday, Wednesday, Thursday and Friday). The aim was to establish whether returns of trading days were statistically different from each other. The ordinary least square regression model was used to model the returns. The study focussed on ZSE stocks with data from 19 February 2009 when the ZSE started to trade in United States dollars to 31 December 2013. A total of 62 stocks were used in this study. These stocks constitute the Industrial and Mining indices. Industrial and mining indices data were also utilised in the modelling exercise. Data was obtained from the ZSE website and other secondary data were sourced from journal articles, papers and reports. Data analysis was done in EViews 7. We found little presence of day of the week effect, about 26% of the stocks had significant positive and negative returns. We conclude that the mean returns of the stocks on the ZSE under the study period do not vary across trading days at the 5% level of significance.
3/29/2020 3:21:47 PM +00:00
The impact of external financing on dividend per share of quoted manufacturing firms in Nigeria
The use of external financing is a balancing act between higher returns for shareholders versus higher risk to shareholders. Though external financing can boost stock performance of firms, it is still inconclusive as to its impact on performance of firms in developing economies like Nigeria. It is, therefore, against this background that this study sought to investigate the impact of external financing on dividend per share of manufacturing firms in Nigeria and the result of this study reveals that external financing has negative and non-significant impact on dividend per share. In view of this, the financial decision which the firm makes must enhance value for shareholders, potential investors and stakeholders involved with the firm. Also, as a going-concern, it is the wish of investors and investees that the firm should continually exist; therefore, the financial decision of the firm should ultimately help in achieving the overall objective of the firm that is, enhancing shareholder’s wealth maximization.
3/29/2020 3:21:41 PM +00:00
Multivariate t- distribution and garch modelling of volatility and conditional correlations on Brics stock markets
We examine the nature of BRICS stock market returns using a t-DCC model and investigate whether multivariate volatility models can characterize and quantify market risk. We initially consider a multivariate normal-DCC model and show that it cannot adequately capture the fat tails prevalent in financial time series data. We then consider a multivariate t- version of the Gaussian dynamic conditional correlation (DCC) proposed by [16] and successfully implemented by [24, 26]. We find that the t-DCC model (dynamic conditional correlation based on the t-distribution) out performs the normal-DCC model. The former passes most diagnostic tests although it barely passes the Kolmogorov-Smirnov goodnessof-fit test.
3/29/2020 3:20:51 PM +00:00
The technical efficiency of manufacturing companies on the Nigerian stock exchange
The objective of the study is to establish whether quoted manufacturing companies in Nigeria are operating on the production possibility frontier, that is, if they are technically and scale efficient. In pursuance of this, the study adopted the output orientated DEA with input variables as total asset, shareholder’s equity, cost of goods sold and operating expenses, while the output variables are sales/turnover, net profit, return on asset, and return on equity. Output orientated DEAP Version 2.1 package with variable return to scale assumption using multi-stage DEA is employed. The analysis revealed that quoted manufacturing companies in Nigeria are efficient with an average variable return to scale mean score of 85% and scale efficiency mean score of 76%. A breakdown of the results shows that thirty-one companies out of the fifty-eight companies selected for the study are operating on production possibility frontier while the remaining twenty-seven companies are not. It is recommended that the companies that are operating in the region of decreasing return to scale should scale down their inputs while those that are in the region of increasing return to scale should scale up their inputs.
3/29/2020 3:20:33 PM +00:00
On the comovements among European exchange rates and stock prices: A multivariate time-varying asymmetric approach
The analysis of time varying correlation between stock prices and exchange rates in the context of international investments has been well researched in the literature in last few years.
3/29/2020 3:20:08 PM +00:00
Idiosyncratic volatility and liquidity risk: How they have explanatory power in stock returns
Literatures have shown that idiosyncratic volatility and liquidity risk calculated from stock markets have explanatory power in stock returns. However, only few studies focus on the stock option markets. As we know that stock options with high leverage and low costs may attract investors who contain more information. In this study, we use option trading volume as a liquidity factor to reexamine the relationship among liquidity risk, idiosyncratic volatility and stock returns. In addition, we use call and put options trading volume separately to have further discussion.
3/29/2020 3:19:41 PM +00:00
Deriving momentum strategies in Chinese stock market: Using gene expression programming
This paper presents how momentum strategies are generated using gene expression programming(GEP) in Chinese stock market. GEP, as a generating frame, can improve the efficiency of researches in the field of momentum strategy. In terms of empirical results, GEP generation mechanism is also outstanding. This study reveals that the GEP technique has important implications for both theory and practice.
3/29/2020 3:19:15 PM +00:00
Analysis of the effects of the us stock market returns and exchange rate changes on emerging market economies’ stock market volatilities
In this paper, the effects of the US stock market returns, exchange rate changes and volatilities on stock market volatilities in 10 emerging market economies between 2000- 2013 (also two sub-periods covering the time between 2000-2007, and between 2008-2013) have been analysed with separate 30 VAR models. According to the analysis, the fact that the US stock market returns cause stock market volatilities is revealed to be the most prominent result in the whole period. In the 2000-2013 period and the 2008-2013 interval, covering the term following the Global Financial Crisis of 2008, there was a remarkable increase in causality.
3/29/2020 3:18:43 PM +00:00
A model to predict corporate failure in the developing economies: A case of listed companies on the Ghana stock exchange
The study aimed at developing a model that predict the probability of failure of companies operating in the developing economies using financial ratios and non-financial ratio. The logit model was the main statistical tool applied. A matched sample design was used. Three models were developed and compared; a model consisting of financial ratios only (Model 1), non-financial ratios only (Model 2) and both financial and non-financial ratios (Model 3). From the study, comparatively Model 3 is more efficient in predicting the corporate failure status in one year from now. Prediction of failure status of a corporate entity therefore should consider both financial and non-financial variables.
3/29/2020 3:18:06 PM +00:00
Network evolution of the Chinese stock market: a study based on the CSI 300 index
As an emerging market, Chinese stock market is playing an increasingly important role in global financial system. This market deserves more detailed studies for its potential to develop with the progress of Chinese financial reform. By analyzing topological properties and their temporal changes, this paper provides a new perspective of network evolution for Chinese stock market with the emphasis on interdependencies among stocks. The sample of this study is the selected constituent stocks of CSI 300 index. We empirically analyze correlation matrices and correlation-based networks by employing rolling window approach. In the study, the small world property of the network and positive correlations between stocks are found and some key stocks even play important roles to exert more influences on the others. Further study demonstrates the close relationship between network structure and market fluctuation.
3/29/2020 3:17:15 PM +00:00
Related party transactions and firm value in the business groups in the Indonesia stock exchange
Related party transactions are the most common corporate actions occurring in the business groups in the Indonesia Stock Exchange that can influence firm value. The market capitalization proportion of the business groups is more than 50 percent of all the market capitalization of the issuers listed in the Indonesia Stock Exchange. This study aimed to analyze the determinants of related party transactions affecting the values of the companies in the business groups in the Indonesia Stock Exchange. The determinants were the types of related party transactions, company’s size, debt to equity ratio, and period of crisis. This study used panel data with quarterly time period from 2006 to 2013. Samples were determined by purposive sampling that focused on the typology of the companies, namely the companies in the three business groups representing the three layers of market capitalization. In total were 704 observations. The result showed that related party transactions of sales and incomes as well as purchases and expenses significantly have positive effect on firm value. Debt to equity ratio insignificantly has positive effect on firm value. The related party transactions of loans, receivables, asset tunneling, company’s size and period of crisis significantly have negative effect on firm value.
3/29/2020 3:16:51 PM +00:00
Do value stocks outperform growth stocks in the U.S. stock market?
The main objective of this paper is to compare the performance of value stocks and growth stocks in the U.S. market using the enterprise value (EV) of each firm. Four portfolios are formed, and the consistency of the performance of each portfolio is examined under different market conditions. Changes in performance are also be tested using returns on equity (ROE) as a proxy of future earnings. Finally, the impact of firm size on performance is investigated. Using the stocks of 4,952 firms for the period 15 years from January 2, 1999 to December 31, 2014, it has been shown that the value stocks outperform the growth stocks. These results are not changed with different holding periods. The requirement of ROE above 5 percent has the impact on the performance of growth stocks. In terms of firm size, it appears small firms are more profitable than large firms.
3/29/2020 3:16:45 PM +00:00