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dc.contributor.authorGharghori, Philip
dc.contributor.authorSee, Quin
dc.contributor.authorVeeraraghavan, Madhu
dc.date.accessioned2018-03-29T03:07:58Z
dc.date.available2018-03-29T03:07:58Z
dc.date.issued2011
dc.identifier.issn0927-538X
dc.identifier.doi10.1016/j.pacfin.2011.03.004
dc.identifier.urihttp://hdl.handle.net/10072/172414
dc.description.abstractThis paper examines the relationship between difference of opinion among investors and the return on Australian equities. The paper is the first to employ dispersion in analysts' earnings forecasts, abnormal turnover and idiosyncratic volatility as proxies for difference of opinion. We document a negative relationship between difference of opinion and stock returns when dispersion in analysts' forecasts and idiosyncratic volatility are employed as proxies. This result provides support for Miller's (1977) model and is consistent with the findings of Diether et al. (2002). In contrast, we find mixed results when using abnormal turnover to proxy difference of opinion.
dc.description.peerreviewedYes
dc.languageEnglish
dc.language.isoeng
dc.publisherElsevier
dc.relation.ispartofpagefrom435
dc.relation.ispartofpageto446
dc.relation.ispartofissue4
dc.relation.ispartofjournalPacific Basin Finance Journal
dc.relation.ispartofvolume19
dc.subject.fieldofresearchBanking, Finance and Investment not elsewhere classified
dc.subject.fieldofresearchAccounting, Auditing and Accountability
dc.subject.fieldofresearchBanking, Finance and Investment
dc.subject.fieldofresearchcode150299
dc.subject.fieldofresearchcode1501
dc.subject.fieldofresearchcode1502
dc.titleDifference of opinion and the cross-section of equity returns: Australian evidence
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
dcterms.licensehttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.description.versionAccepted Manuscript (AM)
gro.rights.copyright© 2011 Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Licence (http://creativecommons.org/licenses/by-nc-nd/4.0/) which permits unrestricted, non-commercial use, distribution and reproduction in any medium, providing that the work is properly cited.
gro.hasfulltextFull Text
gro.griffith.authorVeeraraghavan, Madhu


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