The equity share in new issues and aggregate stock returns

Article Abstract:

The author asserts that the amount of equity issues in aggregate new debt and equity issues is a strong predictor of American stock-exchange returns for the period between 1928 and 1997. Observations include that companies tend to issue less debt than equity just prior to periods marked by low market returns.

Securities and Commodity Exchanges, Security and commodity exchanges, Securities Exchanges, Statistical Data Included, Stock-exchange, Stock exchanges, Exchanges, Securities industry, Leverage (Finance), Leverage, Debt equity conversion

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Investor sentiment and the cross-section of stock returns

Article Abstract:

Impact of sentiments of investors on the cross-section of securities is discussed. Fluctuations in the sentiments are leading to fluctuations in the stock returns.

Psychological aspects, Securities, Investors

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Predicting returns with managerial decision variables: is there a small - sample bias?

Article Abstract:

Usage of managerial decision variables including aggregate equity issuance to anticipate the stock market returns is discussed. Pseudo market-timing bias, a small sample bias, is used to determine the findings.

Methods, Usage, Test bias, Stock markets, Stock market, Equity (Finance)

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