Search

This paper examines the economic efficiency of Russian special economic zones (SEZs) established by federal authorities since 2005. The results are mixed: the payback of SEZs is low, but they continue to attract residents; SEZs have greater attractiveness for foreign investment, but their sectoral structure is fundamentally no better than the country-wide structure; SEZs' enterprises have higher labour productivity than the country, but mainly owing to their recent creation. The common bottlenecks of SEZ development are the instability of legislation on SEZs, the low level of federal authorities' activity in SEZ development before the economic crisis, competition with other preferential regimes for investors and the long period of searching for the optimal system of SEZ management. Differences in the efficiency of particular SEZs are explained by the peculiarities of the territories where SEZs are established. SEZs are successful if they are created on sites that enjoy a favourable geographic position and in regions that have advanced levels of industrial development. Keywords: Special economic zones, SEZs, Russia, foreign residents of SEZs, efficiency of SEZs, 1. Introduction Special economic zones (SEZs) have been established in many countries. There are many different types, which vary significantly in terms of countries' level of economic development, GDP structure, [...]

Abstract 'Sustainability' is the most recent construct to describe efforts by modern corporations to include environmental, social, and economic governance considerations in business operations. Such non-financial areas of firm performance [...]

Abstract This research studies antecedents and consequences of stock market image, defined as the sum of impressions about the stock market. It seeks to understand how several personality-oriented, cognition-based, and [...]

We show that when investors review their consumption and investment plans infrequently at different points in time with interim information flows, the standard consumption-based capital asset pricing model (CCAPM) will continue to hold only at those points in time when all investors review their plans. Stylized facts suggest that the end of the tax year is a candidate for one such points in time. Therefore, we should expect more support for the CCAPM during the period surrounding the end of the tax year, i.e., the fourth and first quarters in Japan where the tax year ends in December, and the first and second quarters in the United Kingdom where the tax year ends in April. Our empirical findings are consistent with these expectations. Key words: CCAPM; Japanese stock market; UK stock market; cross section of stock returns; infrequent decisions; deterministic cycles; calendar cycles History: Received November 30, 2009; accepted June 28, 2011, by Wei Xiong, finance. Published online in Articles in Advance October 7, 2011., 1. Introduction According to standard economic theory (Rubinstein 1976, Lucas 1978, Breeden 1979), the risk premium that investors require to invest in a financial asset is proportional to the covariance [...]

The author advocates creating a market in which investment funds are used to purchase, sell, or license patents, with risk being mitigated via large portfolios. This new industry would also offer services to inventor entities to finance and develop ideas.

ABSTRACT The concept of risk aversion has been well-researched, and the prevailing wisdom for some time has been that most investors prefer to reduce the amount of risk required to [...]

The impact of investors' reaction to earnings warnings by companies, on the long-run performance and economic value of the companies is examined.

The methods to improve tax benefits of retirement accounts with relation to behavior of risk-averse investors are presented.

A method for the assembly of varied individual beliefs of investors, on asset pricing in complete financial markets, into a single probability belief of all investors, is discussed.

Implications of stock market trading of irrational investors on stock prices, returns and underlying cash flows are examined.

The impact of past gains and losses on international investors' risk aversion is an important factor in the propagation of financial shocks across countries. We first present a stylized model illustrating how changes in investors' risk aversion affect portfolio decisions and stock prices. We then examine empirically the behavior of international mutual funds. When funds' returns are below average, they reduce their exposure to countries in which they were overweight and vice versa. An index of 'financial interdependence' that reflects the extent to which countries share overexposed funds helps explain the pattern of stock market comovement across countries and the pattern of contagion during crises. Keywords: Contagion; International investors; Risk aversion; Emerging markets; Portfolio choice; Financial crises JEL classification: F30; G15

The impact of trading behavior of investors on stock market trends is examined.

The impact of advertising strategies of mutual fund companies on investors' decisions about fund performance is examined.

ABSTRACT The purpose of this study is to answer the question, 'are informal venture capital investors rational?' If angel investing is rational, then it should have a competitive rate of [...]

Effects of realization-based tax on selling of assets by investors are presented.

The impact of relationship between investor and securities dealer , on securities trading, is examined.

The impact of postprivatization corporate governance and investor protection on firm's performance is examined.

Despite the charred remains of retirement accounts, every uptick in the market inspires new optimism. Dare we hope? Is a new bull market finally underway? Wise investors won't wait on [...]

A brief argument on the issue that media-provided information affects investorEs impression of newly public firms is presented. The findings provide evidence that publicly available information not only reflects the initial public offeringsE authenticity, but also adds to their authenticity and influences investor behavior.

Advice is offered to companies on how best to understand those investors in the company that are most important to the company.

A study on the effect of investor biases on asset prices and of imperfect rationality on trading, expectations and prices in capital markets highlighting the actions taken by firms against these biases is presented. The study revealed that psychological biases affect market prices substantially, investors make major systematic errors, and regulatory and legal policies could limit the damage caused by the imperfect rationality.

The effect of psychological biases on investor behavior and capital market prices and regulation of inefficient market was examined. The study revealed that investor psychology affected the real economy and the need for educating investors and increasing reporting and disclosure requirements.

The possibility of buying and selling certain investments in Finland based on past return performance is examined and described. The differences between foreign and domestic investors in Finland are also analyzed.