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Irfan Safdar - One of the best experts on this subject based on the ideXlab platform.
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earnings volatility ambiguity and Crisis Period stock returns
Accounting and Finance, 2020Co-Authors: Anwer S. Ahmed, Andrew Stephen Mcmartin, Irfan SafdarAbstract:Financial crises are marked by substantial increases in ambiguity where prices appear to decouple from fundamentals. Consistent with ambiguity‐based asset pricing theories, we find that ambiguity concerns are more severe for firms with higher earnings volatility, causing investors to demand a higher ambiguity premium for such firms. While there is no relation between earnings volatility and stock returns under normal conditions, there is a significant negative relation between Crisis‐Period stock returns and prior earnings volatility. The effect is stronger in firms with low institutional ownership and low analyst following, consistent with ambiguity concerns being greatest amongst firms with unsophisticated investors.
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Earnings volatility, ambiguity, and Crisis‐Period stock returns
Accounting & Finance, 2018Co-Authors: Anwer S. Ahmed, Andrew Stephen Mcmartin, Irfan SafdarAbstract:Financial crises are marked by substantial increases in ambiguity where prices appear to decouple from fundamentals. Consistent with ambiguity‐based asset pricing theories, we find that ambiguity concerns are more severe for firms with higher earnings volatility, causing investors to demand a higher ambiguity premium for such firms. While there is no relation between earnings volatility and stock returns under normal conditions, there is a significant negative relation between Crisis‐Period stock returns and prior earnings volatility. The effect is stronger in firms with low institutional ownership and low analyst following, consistent with ambiguity concerns being greatest amongst firms with unsophisticated investors.
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earnings volatility ambiguity and Crisis Period stock returns
Social Science Research Network, 2018Co-Authors: Anwer S. Ahmed, Andrew Stephen Mcmartin, Irfan SafdarAbstract:Financial crises are typically marked by substantial increases in ambiguity where prices appear to decouple from fundamentals. Consistent with ambiguity-based asset pricing theories, we find that ambiguity concerns are more severe for firms with higher pre-Crisis earnings volatility, causing investors to demand a higher ambiguity premium for such firms. While there is no relation between earnings volatility and stock returns under normal conditions, there is a significant negative relation between Crisis-Period stock returns and prior earnings volatility. In other words, during economic turmoil, investors punish stocks whose past earnings volatility was higher despite that they do not perceive these stocks to be riskier under stable economic conditions. Our findings indicate that a firm’s past earnings volatility predicts its stock price performance during Crisis Periods. We also find that this relation is stronger in firms with low institutional ownership and low analyst-following, consistent with ambiguity concerns being more important for firms with a greater proportion of unsophisticated investors. Our results are robust to controlling for firm-level characteristics as well as industry-fixed effects. Our evidence suggests that earnings stability helps mitigate ambiguity-concerns during a financial Crisis.
Richa Malhotra - One of the best experts on this subject based on the ideXlab platform.
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Pre‐Crisis Period planning: lessons for hospitality and tourism
Worldwide Hospitality and Tourism Themes, 2009Co-Authors: Richa Malhotra, Umashankar VenkateshAbstract:Purpose – The aim of this exploratory paper is to highlight for hospitality and tourism, the importance of an effective contingency plan – in case the worst happens. The paper critically evaluates and suggests guidelines for preparing a Crisis management plan in the pre-Crisis Period. This could have a significant impact on the growth of the firm as well as the industry and economy.Design/methodology/approach – Based on the review of Crisis management literature, key issues have been identified, lack of pre-Crisis planning has been witnessed and subsequently an existing model has been adapted to be used in generic format for preparing a contingency plan.Findings – The paper analyzes various issues relating to readiness to address crises, different types and stages of Crisis, the relative impact of these negative events on the hospitality and tourism industry, gaps found in the Crisis management strategies and the lessons learned from them.Originality/value – This paper should prove useful to managers considering the development of a Crisis management plan so that they are prepared for the unexpected in a strategic manner.
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Pre‐Crisis Period planning: lessons for hospitality and tourism
Worldwide Hospitality and Tourism Themes, 2009Co-Authors: Richa Malhotra, Umashankar VenkateshAbstract:Purpose – The aim of this exploratory paper is to highlight for hospitality and tourism, the importance of an effective contingency plan – in case the worst happens. The paper critically evaluates and suggests guidelines for preparing a Crisis management plan in the pre‐Crisis Period. This could have a significant impact on the growth of the firm as well as the industry and economy.Design/methodology/approach – Based on the review of Crisis management literature, key issues have been identified, lack of pre‐Crisis planning has been witnessed and subsequently an existing model has been adapted to be used in generic format for preparing a contingency plan.Findings – The paper analyzes various issues relating to readiness to address crises, different types and stages of Crisis, the relative impact of these negative events on the hospitality and tourism industry, gaps found in the Crisis management strategies and the lessons learnt from them.Originality/value – This paper should prove useful to managers consi...
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pre Crisis Period planning lessons for hospitality and tourism
Worldwide Hospitality and Tourism Themes, 2009Co-Authors: Richa Malhotra, Umashankar VenkateshAbstract:Purpose – The aim of this exploratory paper is to highlight for hospitality and tourism, the importance of an effective contingency plan – in case the worst happens. The paper critically evaluates and suggests guidelines for preparing a Crisis management plan in the pre‐Crisis Period. This could have a significant impact on the growth of the firm as well as the industry and economy.Design/methodology/approach – Based on the review of Crisis management literature, key issues have been identified, lack of pre‐Crisis planning has been witnessed and subsequently an existing model has been adapted to be used in generic format for preparing a contingency plan.Findings – The paper analyzes various issues relating to readiness to address crises, different types and stages of Crisis, the relative impact of these negative events on the hospitality and tourism industry, gaps found in the Crisis management strategies and the lessons learnt from them.Originality/value – This paper should prove useful to managers consi...
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Pre-Crisis Period Planning: Lessons for Hospitality and Tourism
Social Science Research Network, 2009Co-Authors: Umashankar Venkatesh, Richa MalhotraAbstract:Purpose – The aim of this exploratory paper is to highlight for hospitality and tourism, the importance of an effective contingency plan – in case the worst happens. The paper critically evaluates and suggests guidelines for preparing a Crisis management plan in the pre-Crisis Period. This could have a significant impact on the growth of the firm as well as the industry and economy.Design/methodology/approach – Based on the review of Crisis management literature, key issues have been identified, lack of pre-Crisis planning has been witnessed and subsequently an existing model has been adapted to be used in generic format for preparing a contingency plan.Findings – The paper analyzes various issues relating to readiness to address crises, different types and stages of Crisis, the relative impact of these negative events on the hospitality and tourism industry, gaps found in the Crisis management strategies and the lessons learned from them.Originality/value – This paper should prove useful to managers considering the development of a Crisis management plan so that they are prepared for the unexpected in a strategic manner.
Umashankar Venkatesh - One of the best experts on this subject based on the ideXlab platform.
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Pre‐Crisis Period planning: lessons for hospitality and tourism
Worldwide Hospitality and Tourism Themes, 2009Co-Authors: Richa Malhotra, Umashankar VenkateshAbstract:Purpose – The aim of this exploratory paper is to highlight for hospitality and tourism, the importance of an effective contingency plan – in case the worst happens. The paper critically evaluates and suggests guidelines for preparing a Crisis management plan in the pre-Crisis Period. This could have a significant impact on the growth of the firm as well as the industry and economy.Design/methodology/approach – Based on the review of Crisis management literature, key issues have been identified, lack of pre-Crisis planning has been witnessed and subsequently an existing model has been adapted to be used in generic format for preparing a contingency plan.Findings – The paper analyzes various issues relating to readiness to address crises, different types and stages of Crisis, the relative impact of these negative events on the hospitality and tourism industry, gaps found in the Crisis management strategies and the lessons learned from them.Originality/value – This paper should prove useful to managers considering the development of a Crisis management plan so that they are prepared for the unexpected in a strategic manner.
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Pre‐Crisis Period planning: lessons for hospitality and tourism
Worldwide Hospitality and Tourism Themes, 2009Co-Authors: Richa Malhotra, Umashankar VenkateshAbstract:Purpose – The aim of this exploratory paper is to highlight for hospitality and tourism, the importance of an effective contingency plan – in case the worst happens. The paper critically evaluates and suggests guidelines for preparing a Crisis management plan in the pre‐Crisis Period. This could have a significant impact on the growth of the firm as well as the industry and economy.Design/methodology/approach – Based on the review of Crisis management literature, key issues have been identified, lack of pre‐Crisis planning has been witnessed and subsequently an existing model has been adapted to be used in generic format for preparing a contingency plan.Findings – The paper analyzes various issues relating to readiness to address crises, different types and stages of Crisis, the relative impact of these negative events on the hospitality and tourism industry, gaps found in the Crisis management strategies and the lessons learnt from them.Originality/value – This paper should prove useful to managers consi...
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pre Crisis Period planning lessons for hospitality and tourism
Worldwide Hospitality and Tourism Themes, 2009Co-Authors: Richa Malhotra, Umashankar VenkateshAbstract:Purpose – The aim of this exploratory paper is to highlight for hospitality and tourism, the importance of an effective contingency plan – in case the worst happens. The paper critically evaluates and suggests guidelines for preparing a Crisis management plan in the pre‐Crisis Period. This could have a significant impact on the growth of the firm as well as the industry and economy.Design/methodology/approach – Based on the review of Crisis management literature, key issues have been identified, lack of pre‐Crisis planning has been witnessed and subsequently an existing model has been adapted to be used in generic format for preparing a contingency plan.Findings – The paper analyzes various issues relating to readiness to address crises, different types and stages of Crisis, the relative impact of these negative events on the hospitality and tourism industry, gaps found in the Crisis management strategies and the lessons learnt from them.Originality/value – This paper should prove useful to managers consi...
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Pre-Crisis Period Planning: Lessons for Hospitality and Tourism
Social Science Research Network, 2009Co-Authors: Umashankar Venkatesh, Richa MalhotraAbstract:Purpose – The aim of this exploratory paper is to highlight for hospitality and tourism, the importance of an effective contingency plan – in case the worst happens. The paper critically evaluates and suggests guidelines for preparing a Crisis management plan in the pre-Crisis Period. This could have a significant impact on the growth of the firm as well as the industry and economy.Design/methodology/approach – Based on the review of Crisis management literature, key issues have been identified, lack of pre-Crisis planning has been witnessed and subsequently an existing model has been adapted to be used in generic format for preparing a contingency plan.Findings – The paper analyzes various issues relating to readiness to address crises, different types and stages of Crisis, the relative impact of these negative events on the hospitality and tourism industry, gaps found in the Crisis management strategies and the lessons learned from them.Originality/value – This paper should prove useful to managers considering the development of a Crisis management plan so that they are prepared for the unexpected in a strategic manner.
Gregory Vickers - One of the best experts on this subject based on the ideXlab platform.
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Testing for Herding in the Athens Stock Exchange During the Crisis Period
Social Science Research Network, 2016Co-Authors: Fotini Economou, Epameinondas Katsikas, Gregory VickersAbstract:This paper investigates herding behavior in the Athens Stock Exchange focusing on the recent Crisis Period. To this end we employ a survivor bias free dataset of all listed stocks from 2007 to May 2015. We apply the cross sectional dispersion approach and provide results that extend and are comparable with previous studies regarding the Greek stock market. The empirical results indicate the presence of herding under different market states and sub-Periods. These findings provide insight into investors’ behavior, especially in the light of the unprecedented events of the Greek debt Crisis.
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Testing for herding in the Athens Stock Exchange during the Crisis Period
Finance Research Letters, 2016Co-Authors: Fotini Economou, Epameinondas Katsikas, Gregory VickersAbstract:This paper investigates herding behavior in the Athens Stock Exchange focusing on the recent Crisis Period. We employ a survivor bias free dataset of all listed stocks from 2007 to May 2015. We apply the cross sectional dispersion approach and provide results that extend and are comparable with previous studies regarding the Greek stock market. The empirical results indicate the presence of herding under different market states. Employing the quantile regression method, there is herding in the high quantiles of the cross sectional return dispersion. Finally, we document the impact of size effect on herding estimations.
Anwer S. Ahmed - One of the best experts on this subject based on the ideXlab platform.
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earnings volatility ambiguity and Crisis Period stock returns
Accounting and Finance, 2020Co-Authors: Anwer S. Ahmed, Andrew Stephen Mcmartin, Irfan SafdarAbstract:Financial crises are marked by substantial increases in ambiguity where prices appear to decouple from fundamentals. Consistent with ambiguity‐based asset pricing theories, we find that ambiguity concerns are more severe for firms with higher earnings volatility, causing investors to demand a higher ambiguity premium for such firms. While there is no relation between earnings volatility and stock returns under normal conditions, there is a significant negative relation between Crisis‐Period stock returns and prior earnings volatility. The effect is stronger in firms with low institutional ownership and low analyst following, consistent with ambiguity concerns being greatest amongst firms with unsophisticated investors.
-
Earnings volatility, ambiguity, and Crisis‐Period stock returns
Accounting & Finance, 2018Co-Authors: Anwer S. Ahmed, Andrew Stephen Mcmartin, Irfan SafdarAbstract:Financial crises are marked by substantial increases in ambiguity where prices appear to decouple from fundamentals. Consistent with ambiguity‐based asset pricing theories, we find that ambiguity concerns are more severe for firms with higher earnings volatility, causing investors to demand a higher ambiguity premium for such firms. While there is no relation between earnings volatility and stock returns under normal conditions, there is a significant negative relation between Crisis‐Period stock returns and prior earnings volatility. The effect is stronger in firms with low institutional ownership and low analyst following, consistent with ambiguity concerns being greatest amongst firms with unsophisticated investors.
-
earnings volatility ambiguity and Crisis Period stock returns
Social Science Research Network, 2018Co-Authors: Anwer S. Ahmed, Andrew Stephen Mcmartin, Irfan SafdarAbstract:Financial crises are typically marked by substantial increases in ambiguity where prices appear to decouple from fundamentals. Consistent with ambiguity-based asset pricing theories, we find that ambiguity concerns are more severe for firms with higher pre-Crisis earnings volatility, causing investors to demand a higher ambiguity premium for such firms. While there is no relation between earnings volatility and stock returns under normal conditions, there is a significant negative relation between Crisis-Period stock returns and prior earnings volatility. In other words, during economic turmoil, investors punish stocks whose past earnings volatility was higher despite that they do not perceive these stocks to be riskier under stable economic conditions. Our findings indicate that a firm’s past earnings volatility predicts its stock price performance during Crisis Periods. We also find that this relation is stronger in firms with low institutional ownership and low analyst-following, consistent with ambiguity concerns being more important for firms with a greater proportion of unsophisticated investors. Our results are robust to controlling for firm-level characteristics as well as industry-fixed effects. Our evidence suggests that earnings stability helps mitigate ambiguity-concerns during a financial Crisis.