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Int. J. Financial Stud., Volume 2, Issue 4 (December 2014) – 3 articles , Pages 315-370

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230 KiB  
Article
“Hot Hand” in the National Basketball Association Point Spread Betting Market: A 34-Year Analysis
by Benjamin Waggoner, Daniel Wines, Brian P. Soebbing, Chad S. Seifried and Jean Michael Martinez
Int. J. Financial Stud. 2014, 2(4), 359-370; https://doi.org/10.3390/ijfs2040359 - 25 Nov 2014
Cited by 3 | Viewed by 5922
Abstract
Several articles have looked at factors that affect the adjustments of point spreads, based on hot hands or streaks, for smaller durations of time. This study examines these effects for 34 regular seasons in the National Basketball Association (NBA). Estimating a Seemingly Unrelated [...] Read more.
Several articles have looked at factors that affect the adjustments of point spreads, based on hot hands or streaks, for smaller durations of time. This study examines these effects for 34 regular seasons in the National Basketball Association (NBA). Estimating a Seemingly Unrelated Regression model using all 34 seasons, all streaks significantly impacted point spreads and difference in actual points. When estimating each season individually, differences emerged particularly examining winning and losing streaks of six games or more. The results indicate both the presence of momentum effects and the gambler’s fallacy. Full article
(This article belongs to the Special Issue Sports Finance)
207 KiB  
Article
Incumbent Decisions about Succession Transitions in Family Firms: A Conceptual Model
by Britta Boyd, Isabel C. Botero and Tomasz A. Fediuk
Int. J. Financial Stud. 2014, 2(4), 335-358; https://doi.org/10.3390/ijfs2040335 - 03 Nov 2014
Cited by 21 | Viewed by 9990
Abstract
In the family business literature, succession research has focused on the family member as they enter the leadership role or on the different issues that affect the succession process. Although researchers have acknowledged that succession in family businesses is “punctuated” by decision making [...] Read more.
In the family business literature, succession research has focused on the family member as they enter the leadership role or on the different issues that affect the succession process. Although researchers have acknowledged that succession in family businesses is “punctuated” by decision making events, less attention has been given to understanding how incumbents make decisions about ownership and management transitions. In an effort to continue to understand the succession process it is important to understand how incumbents make decisions about the type of transitions they intend to engage in (i.e., intra-family succession, out of family succession, or no succession). Building on the theory of planned behavior and the socioemotional wealth framework (SEW), this manuscript presents a conceptual framework to understand the factors that influence succession transitions and the role that contextual factors can play in this decision-making process. We present theory driven propositions and discuss the implications for understanding and evaluation of the succession process. Full article
(This article belongs to the Special Issue Performance and Behavior of Family Firms)
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791 KiB  
Article
Are the Scaling Properties of Bull and Bear Markets Identical? Evidence from Oil and Gold Markets
by Samet Günay
Int. J. Financial Stud. 2014, 2(4), 315-334; https://doi.org/10.3390/ijfs2040315 - 28 Oct 2014
Cited by 6 | Viewed by 5401
Abstract
In this study, the scaling properties of the oil and gold return volatilities have been analyzed in the context of bull and bear periods. In the determination of bull and bear turning points, we used the Modified Bry-Boschan Quarterly (MBBQ) algorithm. Results showed [...] Read more.
In this study, the scaling properties of the oil and gold return volatilities have been analyzed in the context of bull and bear periods. In the determination of bull and bear turning points, we used the Modified Bry-Boschan Quarterly (MBBQ) algorithm. Results showed that the business cycle phase shapes of the bear periods in the oil market are almost linear, whereas the bull and bear periods of the gold and bull period of the oil market are convex. This means that there are sharper declines in the bear period of the oil market. Following the detection of bull and bear periods, scaling exponent H analysis was performed via the aggregated variance, Higuchi’s statistic, Peng’s statistic, rescaled range, boxed periodogram and wavelet fit models, which are from the time, frequency and wavelet domains. As there are conflicts about the credibility of these methods in the literature, we have used the shuffling procedure in order to determine the most robust methods. According to the results, bear periods have higher volatility persistency than bull periods. Full article
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