dc.contributor.author | Gharghori, Philip | |
dc.contributor.author | See, Quin | |
dc.contributor.author | Veeraraghavan, Madhu | |
dc.date.accessioned | 2018-03-29T03:07:58Z | |
dc.date.available | 2018-03-29T03:07:58Z | |
dc.date.issued | 2011 | |
dc.identifier.issn | 0927-538X | |
dc.identifier.doi | 10.1016/j.pacfin.2011.03.004 | |
dc.identifier.uri | http://hdl.handle.net/10072/172414 | |
dc.description.abstract | This 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.peerreviewed | Yes | |
dc.language | English | |
dc.language.iso | eng | |
dc.publisher | Elsevier | |
dc.relation.ispartofpagefrom | 435 | |
dc.relation.ispartofpageto | 446 | |
dc.relation.ispartofissue | 4 | |
dc.relation.ispartofjournal | Pacific Basin Finance Journal | |
dc.relation.ispartofvolume | 19 | |
dc.subject.fieldofresearch | Banking, Finance and Investment not elsewhere classified | |
dc.subject.fieldofresearch | Accounting, Auditing and Accountability | |
dc.subject.fieldofresearch | Banking, Finance and Investment | |
dc.subject.fieldofresearchcode | 150299 | |
dc.subject.fieldofresearchcode | 1501 | |
dc.subject.fieldofresearchcode | 1502 | |
dc.title | Difference of opinion and the cross-section of equity returns: Australian evidence | |
dc.type | Journal article | |
dc.type.description | C1 - Articles | |
dc.type.code | C - Journal Articles | |
dcterms.license | http://creativecommons.org/licenses/by-nc-nd/4.0/ | |
dc.description.version | Accepted 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.hasfulltext | Full Text | |
gro.griffith.author | Veeraraghavan, Madhu | |