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Start Over Author "Thomas, Dylan" Topic banking, finance and accounting industries
9 results on '"Thomas, Dylan"'

1. Warrants on the London Stock Exchange: Pricing Biases and Investor Confusion

Author

Gemmill, Gordon and Thomas, Dylan

Subjects
London Stock Exchange PLC -- Services, London Stock Exchange PLC -- Research, Pricing -- Research, Securities industry -- Services, Securities industry -- Research, Stock warrants -- Research, Stock warrants -- Prices and rates, Product price, Securities industry, Company pricing policy, Banking, finance and accounting industries
Abstract

Byline: Gordon Gemmill (1), Dylan Thomas (1) Abstract: This study of warrants on the London Stock Exchange examines whether they display particular pricing biases and whether investors understand how to value them at the time of issue. In a sample of 72 warrants on closed-end funds (investment trusts) over the 1985--94 period, more than one third of the 12,673 prices are anomalously low. The other two thirds behave like stock options, with lower volatility when they are in-the-money or have a long time until maturity. Despite their frequent undervaluation, it is rational to add warrants to a new equity issue: an examination of 127 new equity issues (95 with warrants) reveals that attaching warrants significantly increases market value. The reason for this appears to be investor confusion: they do not seem to understand that the more the warrants are worth, the less the value of the ordinary shares. Author Affiliation: (1) Frobisher Crescent, Barbican Centre, City University Business School, London, EC2Y 8HB, England Article History: Registration Date: 15/10/2004

Published
1997

2. Large market shocks and abnormal closed-end-fund price behaviour

Author

Fuertes, Ana-Maria and Thomas, Dylan C.

Subjects
Liquidity (Finance), Banking, finance and accounting industries, Business
Abstract

To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.jbankfin.2005.10.008 Byline: Ana-Maria Fuertes, Dylan C. Thomas Keywords: Discount; Net asset value; Arbitrage; Abnormal returns; Mean reversion Abstract: This paper investigates the short-term price behaviour of closed-end funds following eight large market-wide shocks. The findings, from a sample of 63 funds continuously traded on the London Stock Exchange, indicate that prices overreact relative to equilibrium given by net asset values. The speed of reversion in discounts following market-wide shocks is slower than that following fund-specific shocks of a similar magnitude. The post-shock persistence in discounts is related more to the ease of arbitrage rather than to liquidity, as proxied by fund size, or to the speed of recovery in the broader market. The discount decays more slowly for those funds that are difficult to arbitrage. Author Affiliation: Faculty of Finance, Cass Business School, 106 Bunhill Row, London EC1Y 8TZ, United Kingdom Article History: Received 7 July 2005; Accepted 4 October 2005

Published
2006

3. Large market shocks and abnormal closed-end-fund price behaviour

Author

Fuertes, Ana-Maria and Thomas, Dylan C.

Subjects
London Stock Exchange PLC -- Statistics, London Stock Exchange PLC -- Securities, Securities industry -- Statistics, Securities industry -- Securities, Securities industry, Market trend/market analysis, Company pricing policy, Company securities, Banking, finance and accounting industries, Business
Abstract

Implications of large stock market shocks on closed-end fund price trends are studied. Statistics of funds traded on the London Stock Exchange is used for the study.

Published
2006

4. Extraordinary items and income smoothing: a positive accounting approach

Author

Beattie, Vivien, Brown, Stephen, Ewers, David, John, Brian, Manson, Stuart, Thomas, Dylan, and Turner, Michael, American congressional representative

Subjects
Smoothing (Statistics) -- Research, Income distribution -- Research, Banking, finance and accounting industries, Business
Abstract

An empirical study was conducted on single-period smoothing using an incentives-based model to explain classificatory choices. An index was developed to measure the smoothing effects of choices while weighted least squares regression was performed. Results showed significant positive relations between dividend payout, diffuseness of share ownership, earnings variability and managerial share options. It was also determined that smoothing incentives are positively asssociated with the magnitude of the influence of classificatory choices relative to expected earnings.

Published
1994

5. Short-term reaction of stock markets in stressful circumstances

Author

Lasfer, M. Ameziane, Melnik, Arie, and Thomas, Dylan C.

Subjects
Stocks -- Prices and rates, Stock markets -- Research, Company pricing policy, Stock market, Banking, finance and accounting industries, Business
Abstract

Less liquid markets lead to lower stock price changes following periods of stress.

Published
2003

6. Investment trust IPOs: issuing behaviour and price performance. Evidence from the London Stock Exchange

Author

Levis, Mario and Thomas, Dylan C.

Subjects
London Stock Exchange PLC -- Research, Going public (Securities) -- Research, Mutual funds -- Research, Stock-exchange -- Research, Banking, finance and accounting industries, Business
Abstract

An average first day return of 1.91% is recorded for 105 investment trust initial public offerings (IPOs) from Jan. 1984 to Aug. 1992 in the London Stock Exchange. This research is the first documented study on the significant first day returns for closed-end fund IPOs. The initial gains are usually short-lived. Investment trust IPOs trade at discounts to their net asset value by the end of the first year.

Published
1995

8. OPINION: Lower expenses can mean higher returns: Dylan C Thomas and Gordon Gemmill argue that small boards, more independent directors and having managers as shareholders on a modest scale can improve corporate governance

Author

Thomas, Dylan C.

Subjects
Corporate governance, Mutual funds, Banking, finance and accounting industries, Business, Business, international
Abstract

A lively debate has been sparked off in the US by the Securities and Exchange Commission's proposals that mutual funds should have independent chairmen and that 75 per cent of [...]

Published
2004

9. Governance concerns in the investment trust sector

Author

Thomas, Dylan

Subjects
Investment companies, Banking, finance and accounting industries, Business, Business, international
Abstract

From Mr Dylan C. Thomas. Sir, I share Rob Budden's sentiments about the investment trust sector ('Good buy', Money FT June 23-24). The sector deserves to succeed in attracting the [...]

Published
2001

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