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| Author: | El Sharkarway, A. el Garrod, N. |
| Title: | Size and functional fixation anomalies: implications for Slovene security markets |
| Journal: | Slovenska ekonomska revija
1994 : VOL. 45:6, p. 509-530 |
| Index terms: | |
| Freeterms: | Slovenia, finance, capital market, investments, securities, development, efficiency, price, information, valuation, forecasting, models, enterprises |
| Language: | eng |
| Abstract: | The purpose of this research is to investigate the influence of the "investor sophistication" and size anomalies on security returns.It is shown that the level of sophistication of the investor is a significant factor in explaining abnormal returns around the earnings announcement date.However, this is not an unconditional relationship.The level of sophistication on its own is insignificant but when conditioned on unexpected earnings or size it becomes significant.Finally, the implications of these results for transition economies in general and security markets in particular are discussed. |
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