Browsing by Subject "Investments"
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Item A critical evaluation of profitability ratios for investment purposes(Texas Tech University, 1963-08) Musselman, Keith FranklinNot availableItem An analysis of selected reversal patterns as an aid to investment decisions(Texas Tech University, 1963-08) Denton, Michael GeneNot availableItem An analysis of the relationship between reported net income for tax purposes and income by financial accounting for selected companies(Texas Tech University, 1965-08) Bacon, Charles EdwardNot availableItem Common trust funds: their development and investment performance(Texas Tech University, 1969-08) MacDaniel, Alfred MorseNot availableItem Determinants of mutual fund flows(2011-05) Gallaher, Steven Timothy; Starks, Laura T.; Titman, Sheridan; Almazan, Andres; Anderson, Edward; Hartzell, JayI investigate mutual fund flows at the individual fund and at the fund family level. At the individual, I use SEC filings to decompose fund flows into inflows and outflows. This decomposition of net flows into its component parts provides a way to examine differences in how search costs and investor learning affect investors who are entering a fund (or adding to their investments) versus those investors who are leaving a fund (or decreasing their investments). I then examine the effect of the existence of an advertisement for the fund on these investors. At the mutual fund family level, I examine how the characteristics and performance of mutual fund families affect the flows to the family as a whole. I then examine the effects of advertising expenditures on flows to the fund family.Item Investability and its implications for the returns of emerging market securities(Texas Tech University, 2004-05) Wilkinson, Katherine JaneThe last two decades have seen rapid growth in investment in emerging stock markets due to the attraction of their potential for very high returns and substantial diversification benefits. While the opportunities to invest in these markets have expanded substantially, foreign investors continue to face considerable barriers to investment in emerging stock markets. One restriction that has received little attention in the literature is the limitation on the amount of a particular security that foreign investors may own. This dissertation examines the impact of this barrier on characteristics of emerging market stock returns by considering stocks' investability, which is the degree to which a security is realistically accessible to foreign investors. The effect of investability on returns, variance of returns, skewness of returns and kurtosis of returns is considered. A significant relationship is found between investability and each of the first four moments of stock returns and in each case the relationship is found to be nonlinear, being best described by either a quadratic or cubic function with respect to investability. It is found that securities with lower investability, and therefore less available to foreign investors, tend to have higher returns and lower variances. Low investability securities also tend to have slightly higher skewness and kurtosis of returns. Correlations between securities returns and returns on their market index tend to be lower for low investability when aggregate country investability is examined, but lower for low investability when mean security investability is considered. Emerging market security returns are shown to have very low correlation with returns on a world market index but it is found that this correlation is lower for lower investability securities, being almost zero for noninvestable securities. These findings suggest that emerging market securities are not a homogeneous group but that returns characteristics vary by the degree of investability. Results indicate that the most desirable securities (those with the highest returns, lowest risk as measured by variance and greatest diversification benefits) are those that are not available to foreign investors.Item Is there conditional mean reversion in stock returns?(Texas Tech University, 1998-05) Ho, Chia-ChengIn this dissertation, market efficiency means that stock prices fully reflect available information. In this sense, in order to claim that the stock market is efficient, we must know the true available information and the correct equilibrium price (return) model used in setting the stock price. This is in fact a very strong requirement which makes it virtually impossible to test for market efficiency, for in the real world we do not know the true available information and the true equilibrium price model. Therefore, all we can do in testing for market efficiency is to investigate whether or not for a given proposed equilibrium price model, the behavior of the observed stock price complies with the observed market information. Market efficiency has been one of the most important research topics in finance for the past several decades. Early empirical research seems to support the efficient markets hypothesis to a large extent. However, since the late 1970s, the assertion that the stock market is efficient has come under serious attack. No unanimous conclusion on market efficiency has been reached so far. The primary goal of this research is not to resolve the dispute over market efficiency but to develop a test to examine market efficiency from a new perspective.Item New perspectives on the determinants and consequences of individuals' investment decisions(2007-12) Yates, Michael Charles, 1979-; Starks, Laura T.This research examines how individuals formulate their investment decisions and the importance of these decisions to the financial marketplace. Traditional finance theory has focused on solving the rational investor's choice problem by considering each financial asset's contribution to the risk and return of the investor's existing portfolio. Alternatively, this study recognizes the inability of most individuals to consider all possible investments in the financial universe, and therefore approaches the investor's choice problem by focusing on environmental and psychological factors that guide the formulation of the investor's selection set. In particular, this research focuses on the importance of attention in influencing the common stock selections of individuals and shows that this attention effect can have a significant impact on the returns of attention-grabbing equities. Additionally, I document the impact of mutual fund family affiliation on the mutual fund investment decisions of individuals and discuss how apparent reputation effects could impact the organization and performance incentives of mutual funds.Item Open-end mutual funds that close to new investors: a signaling theory(Texas Tech University, 1999-08) De Haas, Gayle LeighThis dissertation develops and tests a theory for why open-end mutual funds close to new investors. No published paper has offered a theory for why mutual funds managers close their funds to new investors. The theory states that mutual funds with excess cash on hand due to previous abnormal performance and lack of current investment opportunities close to new investors to send a signal to the current shareholders. The signal is that the fund has currently grown "too large" for the fund manager to manage effectively and efficiently and that future expected good investment opportunities exist for the mutual fund. Eighty-nine fund closings from 1980 to 1988 were examined. The empirical evidence does not support the theory. These mutual funds generated negative abnormal performance before and after closing when compared to a Wilshire benchmark. Thus, the reason why open-end mutual funds close to new investors remains a puzzle.Item Rate of return on investment for judging managerial efficiency(Texas Tech University, 1964-08) Daugherty, William KNot availableItem Risk, return and efficiency in the listed options market(Texas Tech University, 1976-12) Trennepohl, Gary LeeNot availableItem The determinants of U.S. direct investment abroad(Texas Tech University, 1976-05) Schwartz, Rebecca HollandNot availableItem The symmetry of systematic risk: a study of security performance responsiveness to market fluctuations(Texas Tech University, 1973-08) Allen, Chester LeeNot available