... consistent with our study, we differ on several points from other studies of investment strategies that are receiving attention in South Korea. Although studies on these trading strategies generally show no momentum profits in South Korea, the sample periods do not include data beyond the 1990s (Kim, 2000...

... first introduced by Graham and Harvey (1997) to analyse the advice contained in investments newsletters. The Graham and Harvey measure (GHM), is similar to the Jensen's alpha of a single factor model but measures the performance of a portfolio relative to a volatility‐match benchmark. The GHM does...

... effectiveness of investment in R&D is seldom demonstrated explicitly by the literature, and to the best of our knowledge, there are no existing studies on R&D productivity taking an international approach. The initial sample is comprised of non‐financial companies in most of the European Union member...

.... Research and development Share prices Biotechnology Investments Economic fluctuations The rapid growth in the biotech industry increasingly attracts investors. For instance, this industry raised more than $15 billion in new capital in 2003 (Weintraub, 2004). However, new drugs take an average...

..., intermediate three‐12 month investors should hold glamor stocks, and long‐term investors should hold value stocks. Originality/value The finding of a new proxy for heterogeneous expectations. The paper also establishes a new methodology for testing the Miller model. Investments Asset valuation...