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LaPorta, Lakonishok, Shleifer, and Vishny (“Good News for Value Stocks,” Journal of Finance, June 1997) study the returns on stocks on the few days surrounding their quarterly earnings announcements (relative to various expected return benchmarks). They find that on average, high-B/M stocks earn 0.9% around an earnings announcement. In contrast, low-B/M stocks earn an average of -0.1% around an earnings announcement. The difference is statistically significant. Discuss whether this result is more consistent with the irrational expectations (behavioural) view, or the risk factor (efficient markets) view of the book-to market effect, and explain your logic.
Given the following information on State A and State B: State A has no state income tax but a high state sales tax. State B has a medium state income tax and a medium state sales tax. Both States receive the same tax revenue per capita. Does one stat..
Market prices can be efficiently priced if:
Assume you are at the beginning of 2001. The real risk-free rate of interest is 3 percent and expected to remain constant. Inflation is expected to be 2 percent, 3 percent, 4 percent, and 5 percent in years 2001, 2002, 2003, and 2004, respectively. T..
David Salter has a PAP with coverage of $25,000/$50,000 for bodily injury liability, $25,000 for property damage liability, $5,000 for medical payments and a $500 deductible for collision insurance. How much will his insurance cover in the following ..
Excel Assignment: What and Where Decisions The Big U operates a coal-fired power plant that burns 4,300 tons of coal per year. Coals from four regions of the country can be burned in the plant. The amount of pollution produced depends on the amount o..
find three different magazine or newspaper publications from nations in emerging markets. review the advertisements in
the final project for this module is a consultancy report to anthonys orchard an expanding apple orchard and
According to the Capital Asset Pricing Model (CAPM), what determines the amount of reward an investor receives for bearing the risk associated with an individual security? Explain in detail why those things are the determinates.
Blue Bull, Inc., has a target debt-equity ratio of .85. Its WACC is 8.4 percent, and the tax rate is 35 percent. Required: (a) If the company’s cost of equity is 12.5 percent, what is its pretax cost of debt?
Harrison Corporation is interested in acquiring Van Buren Corporation. Assume that the risk-free rate of interest is 3% and the market risk premium is 7%. Harrison estimates that if it acquires Van Buren, the year-end dividend will remain at $2.75 a ..
Samuel Jenkins made two investments, the first was 13 months ago and the second was two months ago. He just sold both investments and has a capital gain of $7,000 on each. If Samuel is in the 28 percent tax bracket, what will be the amount of capital..
You have been given the following information for Kellygirl’s Athletic Wear Corp. for the year 2015: a. Net sales = $38,950,000. b. Cost of goods sold = $22,230,000. c. Other operating expenses = $6,500,000. d. Addition to retained earnings = $1,211,..
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