Board structure and stock price informativeness in terms of moving average rules

Huang, Paoyu; Ni, Yensen

doi:10.1016/j.qref.2016.04.012

Cited by 20 publications

(24 citation statements)

References 79 publications

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“…Thus, an alternative way is to include lagged market volatility in the regression (see Jun et al , 2014). Another concern is that corporate governance may affect stock price informativeness and initial IPO performance (Yu, 2011; Huang and Ni, 2017; Ni et al , 2019). Thus, we re‐estimate our regression by including lagged market volatility measured by the standard deviation of market return, the ratio of the number of independent board members to total number of board members, shareholding of directors, shareholding of managers, and other financial variables such as debt ratio and EPS.…”

Section: Resultsmentioning

confidence: 99%

Volatile market condition, institutional constraints, and IPO anomaly: evidence from the Chinese market

Liu

Zhang

et al. 2020

Accounting & Finance

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We provide a holistic view of factors affecting IPO underpricing and aftermarket trading of Chinese initial public offerings (IPOs) over 23 years. The subscription ratio and offer amount are among the top three most important determinants of underpricing when stock markets are less volatile. However, the recent IPOs’ initial return and institutional constraints on offer price and aftermarket trading price are the driving forces in volatile markets. The underpricing (the first‐day trading price limit) is the most important factor affecting IPO aftermarket trading when stock markets are less (more) volatile, suggesting how factors affect IPO underpricing and aftermarket trading depends on stock market conditions.

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Section: Resultsmentioning

confidence: 99%

Volatile market condition, institutional constraints, and IPO anomaly: evidence from the Chinese market

Liu

Zhang

et al. 2020

Accounting & Finance

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“…However, enhancing SPI has remained an issue in both the theoretical and empirical literature in the sense that the opportunistic behaviour of managers creates an environment of asymmetric information between managers and outside investors which prevents the latter from accurately pricing firm‐related specific information (Ben‐Nasr & Cosset, 2014; Kim, Zhang, Li, & Tian, 2014). Hence, the literature has analysed the various determinants (e.g., dividend changes, audit quality, state ownership, and board structure) of SPI (De Cesari & Huang‐Meier, 2015; Gul, Kim, & Qiu, 2010; Hou, Kuo, & Lee, 2012; Huang & Ni, 2017) with the aim of reducing the information asymmetry between managers and investors and of maximizing SPI.…”

Section: Introductionmentioning

confidence: 99%

Board of directors' foreign experience and stock price informativeness

et al. 2020

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We investigate the impact of board of directors' foreign experience on stock price informativeness from 2008 to 2016 in Chinese A‐share listed firms. The empirical findings suggest that board of directors' foreign experience has a positive and significant impact on stock price informativeness. By analysing the role of external monitoring factors, our results show that board of directors' foreign experience has a positive and significant impact on stock price informativeness in the absence of external monitoring factors such as audit quality, the cross‐listing of firms, and foreign ownership. Our findings are robust to the use of advanced techniques and the inclusion of instrumental variables. Overall, our study supports the resource dependency theory and the substitutional effect on the relationship between board of directors' foreign experience and stock price informativeness.

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“…An uncertain hidden state can affect the changes in trends [7], creating some difficulty in describing those trends. In addition, there is a popular trend analysis theorem based on time series analysis that is dominated by the moving average method [8]. However, because the values predicted by this method always stay at the previous levels, higher or lower fluctuations cannot be predicted for the future [9,10].…”

Section: Introductionmentioning

confidence: 99%

Oil Price Forecasting Using a Time-Varying Approach

2020

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The international crude oil market plays an important role in the global economy. This paper uses a variable time window and the polynomial decomposition method to define the trend term of time series and proposes a crude oil price forecasting method based on time-varying trend decomposition to describe the changes in trends over time and forecast crude oil prices. First, to characterize the time-varying characteristics of crude oil price trends, the basic concepts of post-position intervals, pre-position intervals and time-varying windows are defined. Second, a crude oil price series is decomposed with a time-varying window to determine the best fitting results. The parameter vector is used as a time-varying trend. Then, to quantitatively describe the continuation of the time-varying trend, the concept of the trend threshold is defined, and a corresponding algorithm for selecting the trend threshold is given. Finally, through the predicted trend thresholds, the historical reference data are selected, and the time-varying trend is combined to complete the crude oil price forecast. Through empirical research, it is found that the time-varying trend prediction model proposed in this paper achieves a better prediction than several common models. These results can provide suggestions and references for investors in the international crude oil market to understand the trends of oil prices and improve their investment decisions.

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Board structure and stock price informativeness in terms of moving average rules

Cited by 20 publications

References 79 publications

Volatile market condition, institutional constraints, and IPO anomaly: evidence from the Chinese market

Volatile market condition, institutional constraints, and IPO anomaly: evidence from the Chinese market

Board of directors' foreign experience and stock price informativeness

Oil Price Forecasting Using a Time-Varying Approach

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