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Seasonality in Equity Rising on Stock Markets. Windows of Opportunity? Empirical Evidence from China, India, Brazil and South Africa

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Author Info

  • Bellonia Antonella

    (Faculty of Economics, Università degli Studi di Napoli Federico II)

  • Passaretti Tommaso

    (Faculty of Economics, Università degli Studi di Napoli Federico II)

  • Visconti Raffaele

    (Faculty of Economics, Università degli Studi di Napoli Federico II)

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    Abstract

    Empirical research has underlined high variability cases of equity-raising through the placing of shares in the primary market in the course of time, considering both new enterprises’ quotations, and increases for the already- quoted ones in regulated markets. Different periods and markets at different development stages have been taken in exam, resulting in the discovery of high concentration of such operations in specific time-slots. Focusing on China, India, Brazil and South Africa’s stock markets trends between 2003 and 2011, the research aims to verify if: a) The collected capitals are concentrated in years of high share indexes’ levels; b) The collected capitals increase in presence of high market average’s price-earnings.

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    Bibliographic Info

    Article provided by ScientificPapers.org in its journal Journal of Knowledge Management, Economics and Information Technology.

    Volume (Year): 3 (2013)
    Issue (Month): 4 (August)
    Pages: 1

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    Handle: RePEc:spp:jkmeit:1393

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    1. De Bondt, Werner F M & Thaler, Richard, 1985. " Does the Stock Market Overreact?," Journal of Finance, American Finance Association, vol. 40(3), pages 793-805, July.
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    3. Josh Lerner & Alexander Tsai, 2000. "Do Equity Financing Cycles Matter? Evidence from Biotechnology Alliances," NBER Working Papers 7464, National Bureau of Economic Research, Inc.
    4. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
    5. Robert J. Shiller, 2002. "From Efficient Market Theory to Behavioral Finance," Cowles Foundation Discussion Papers 1385, Cowles Foundation for Research in Economics, Yale University.
    6. Gervais, Simon & Odean, Terrance, 2001. "Learning to be Overconfident," Review of Financial Studies, Society for Financial Studies, vol. 14(1), pages 1-27.
    7. Ibbotson, Roger G & Jaffe, Jeffrey F, 1975. ""Hot Issue" Markets," Journal of Finance, American Finance Association, vol. 30(4), pages 1027-42, September.
    8. Ritter, Jay R, 1991. " The Long-run Performance of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(1), pages 3-27, March.
    9. Maswana, Jean-Claude, 2006. "An empirical investigation around the finance-growth puzzle in China with a particular focus on causality and efficiency considerations," MPRA Paper 3946, University Library of Munich, Germany, revised Apr 2006.
    10. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
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