Smart investments by smart money: Evidence from seasoned equity offerings

Gibson, Scott; Safieddine, Assem; Sonti, Ramana

doi:10.1016/j.jfineco.2003.05.001

Cited by 159 publications

(106 citation statements)

References 21 publications

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“…In this frame, some articles (Markoulis & Neofytou, 2016;Moskowitz, Ooi, & Pedersen, 2012) targeted on the information asset and stock-taking intelligence of corporate investors, while others (Hao, 2014;Baker, Stein, & Wurgler, 2003) targeted the trading strategies and plans, but in both cases no TTF information was given. Gibson, Safieddine, and Sonti (2004) report that seasoned equity and option initiatives, with the bigger boost in corporate share-holding, are detected between the (relative to "timing") quarters −1 and +1 and qualify this outperform to their competitive convenience asset position. Chemmanur, He, and Hu (2009) find that long-term passive-trading investors (as opposed to non-commercial short-term investors and traders) are likely to experience bigger share positions in SEOs hoping on better results (profit) and their transactions somewhat greatly exceed a (even a well designed) passive "buy-and-hold" trading plan by the share-holding investors (Asness, Moskowitz, & Pedersen, 2013;Nguyen & Tran, 2016;Basdekidou & Styliadou, 2017).…”

Section: Motivation and Previous Literaturementioning

confidence: 99%

The Momentum & Trend-Reversal as Temporal Market Anomalies

Basdekidou¹

2017

IJEF

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The main goal of this paper is to introduce and discuss the temporal dimension and the subsequent (time-series) functionalities of two well-known technical market anomalies -the momentum anomaly and the trend-reversal anomaly. Our approach not only challenging the efficient-market hypothesis but also has a temporal dimension because it uses the "psychological time" at the beginning of a move, as a parameter in overnight post-market asset position trading strategies and daytime asset position strategies as well. Momentum and reversal have been documented extensively in financial literature and they are viewed, in the current paper, as temporal momentum and temporal trend-reversal anomalies because they are hard to fully explain within the standard static asset-pricing paradigm. A rational dynamic and temporal representative agent could explain and document better these anomalies and this is the case of this article. The presented research shows that momentum profit accumulates entirely overnight, while trend-reversal profit occurs entirely intraday. These findings reject classical theories of intraday and overnight returns. Hence, (i) a well designed overnight-position return strategy based on temporal momentum anomaly; and (ii) a well designed intraday-position return strategy based on temporal trend-reversal anomaly, could gain benefit at the expense of long-term investors and hedgers. After back-testing our research in available 16-year data, we found that overnight-position speculators profit from the proposed temporal momentum trading strategy approach at the expense of hedgers, and daytime swing traders profit from the proposed temporal trend-reversal trading strategy approach at the expense of long-term investors.

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Section: Motivation and Previous Literaturementioning

confidence: 99%

The Momentum & Trend-Reversal as Temporal Market Anomalies

Basdekidou¹

2017

IJEF

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“…In this frame, some articles (Choie, 2016;Markoulis & Neofytou, 2016) targeted on the information asset and stock-taking intelligence of corporate investors, while others (Hao, 2014;Baker, Stein, & Wurgler, 2003;Gibson, Safieddine, & Sonti, 2004) targeted on the trading strategies, tactics and plans, but in both cases no TTF information was given.…”

Section: Motivation and Previous Literaturementioning

confidence: 99%

The Overnight Return Temporal Market Anomaly

Basdekidou

2017

IJEF

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The main goal of this paper is to introduce an innovative market anomaly relating to "time" during the overnight post-market session and therefore characterized as a temporal market anomaly. Anomalies in the markets appear from time to time and test the efficient market hypothesis. Many investors and traders believe that the markets follow the efficient market hypothesis. According to this theory the current price of a security (trading instrument) reflects all public and private information about that security (instrument). Changes in price are due to insider information, current news, or sudden events, which are impossible to predict. Hence, security's price action follows the path of a random walk, the hypothesis and argument of which states that current price is not dependent on past price and is normally or abnormally distributed over time. In financial and economical literature, many studies have presented approaches about what the academics call "market anomalies" and according to literature the anomalies are classified in three categories: Fundamental, Technical, and Calendar-based anomalies. In this article another class of market anomalies is introduced, that simply could be referred to as "temporal" because of the timing functionality involved. Finally, I will discuss one of these "temporal" anomalies, called the overnight return temporal market anomaly. The presented research shows that momentum profit accumulates entirely overnight, while profit on all other strategies occurs entirely intraday. These findings strongly reject classical theories of intraday versus overnight returns.

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“…La expresión "financiación inteligente" se utiliza en la jerga financiera para hacer referencia a actores que prestan dinero a un emprendedor o invierten en su empresa, pero que además aportan su experiencia, conocimiento y contactos para brindar soporte en su trayectoria hacia adelante (Investopedia;Gibson, Safieddine y Sonti, 2004).…”

Section: Contenido Iniciounclassified

Emprendedores en crecimiento. El reto de la financiación

Fajardo¹,

Delgado²,

González³

et al. 2017

Emprendedores en Crecimiento

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Descargue los libros de Contenido Inicio www.emprendedoresencrecimiento.comPor su capacidad para identificar nuevas oportunidades y evidenciar que es posible romper las fronteras de la productividad, el emprendimiento dinámico reviste importancia para el crecimiento económico en el mundo.Este libro ofrece una mirada directa sobre el fenómeno del emprendimiento dinámico en Colombia. A través del uso de metodologías cualitativas y cuantitativas, se examinan las experiencias personales de emprendedores en momentos decisivos del ciclo de vida de sus empresas y se analiza un conjunto de variables asociadas al emprendedor, el equipo y la empresa.La publicación aspira ofrecer a los emprendedores y a los actores del ecosistema de emprendimiento, acceso a nuevas perspectivas y aprendizajes para prepararse y facilitar el difícil camino de la creación de emprendimientos dinámicos. Rafael Vesga Fajardo Martha Rodríguez Delgado David Schnarch GonzálezOliver García Vargas El reto de la gestión del talento EMPRENDEDORES crecimiento Rafael Vesga Fajardo Martha Rodríguez Delgado David Schnarch González Oliver García VargasEmprendedores en crecimiento -El reto de la financiación, es la tercera entrega de la serie que busca aportar al conocimiento del emprendimiento dinámico en el país, mediante el análisis de las experiencias de los propios emprendedores a medida que evolucionan y hacen evolucionar sus organizaciones. En particular esta tercera entrega se enfoca en el desafío que implica la financiación en la vida del emprendedor y el desempeño de su empresa, como esta refleja y puede poteciar el desarrollo, a la vez que ser clave en la diferenciación de los líderes.El análisis de la travesía del emprendedor en las diferentes etapas de su ciclo de vida y los retos que enfrenta para financiar su negocio, sirven de marco para mostrar la importancia de lograr un equilibrio entre la mentalidad emprendedora, un modelo de negocio de alto potencial y los mecanismos de financiación. El primer libro analiza y caracteriza el crecimiento de las empresas dinámicas (ver Vesga, 2015). EMPRENDEDORESEl segundo se focaliza en el papel de la gestión del talento humano como elemento central en el desarrollo de empresas dinámicas, una de las principales debilidades detectadas en el primer estudio (ver Vesga, 2016). El tercero, es decir este, estudia el reto de la financiación, otra de las debilidades detectadas, y su objetivo es comprender la situación a partir de la experiencia de los propios emprendedores y de quienes en el ecosistema los financian o deberían financiarlos. El propósito es mostrarles el conocimiento adquirido sobre la forma como se desarrolla ese proceso a lo largo de la travesía del emprendedor para desarrollar su empresa, teniendo en cuenta los diferentes modelos de negocio que pueden llevarlos por caminos disímiles.Como en los estudios anteríores, la aproximación metodológica tiene componentes cuantitativos y cualitativos, soportados en una encuesta y en entrevistas en profundidad con emprendedores diná-micos, en diferentes ciud...

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Smart investments by smart money: Evidence from seasoned equity offerings

Cited by 159 publications

References 21 publications

The Momentum & Trend-Reversal as Temporal Market Anomalies

The Momentum & Trend-Reversal as Temporal Market Anomalies

The Overnight Return Temporal Market Anomaly

Emprendedores en crecimiento. El reto de la financiación

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