Dr. John Doukas
Selected Publications


Why firms favour the AIM when they can list on main market?


It is often argued that the popularity of Alternative Investment Market (AIM) in terms of higher number of listings relative to the Main Market (MM) is mainly due to the strict listing requirements in the MM. During the 1995 to 2014 period [...]


JOURNAL OF INTERNATIONAL MONEY and FINANCE,forthcoming (Hafiz Hoque, co-author)



CEO Risk Preferences and Dividend Policy Decisions


This study examines whether risk aversion-inducing CEO compensation motivates managers to pay more dividends regardless of investor preferences. Using inside debt (i.e., pensions and deferred compensation) and the sensitivity of CEO equity [...]


CORPORATE FINANCE, forthcoming (Deren Caliskan, co-author)



Investor Sentiment, Beta, and the Cost of Equity Capital


The security market line (SML) accords with the capital asset pricing model (CAPM) by taking on an upward slope in pessimistic sentiment periods, but is downward sloping during optimistic periods. We hypothesize that this finding obtains [...]


MANAGEMENT SCIENCE, forthcoming (Constantinos Antoniou and Avanidhar Subrahmanyam, co-authors)



Do Individual Currency Traders Make Money?


Using a unique online currency transactions dataset, we examine the performance, trading activity, drawdown, and timing abilities of individual currency traders. Evidence from 428 accounts during the 2004-2009 period shows [...]

Online Appendix


JOURNAL OF INTERNATIONAL MONEY and FINANCE, forthcoming (Boris S. Abbey co-author)



Does the Bonding Effect Matter in a More Integrated Capital Market World?


This paper examines the bonding effect of cross-listing before and after the stock market liberalization reforms in China. Consistent with the bonding hypothesis, we find that Chinese firms with foreign listings attain higher valuations than firms without foreign listings. We also find [...]


JOURNAL OF INTERNATIONALMONEY and FINANCE, 2014, 47, 162-184 (Liu Wang, co-author)



Information Asymmetry, Price Discovery, and the Chinese B-Share Discount Puzzle


This paper addresses the information asymmetry between Chinese local A-share and foreign B-share markets and its impact on the B-share discount puzzle, contingent upon Chinese stock market liberalization reforms in 2001 and 2002. In contrast with the [...]


PACIFIC-BASIN FINANCE JOURNAL, 2013, 21, 1116-1135 (Liu Wang, co-author)



The Performance of NDF Carry Trades


This paper investigates the performance of carry trade strategies for currencies with non-deliverable forward (NDF) contracts. We find that carry trades for currencies with NDF [...]


JOURNAL OF INTERNATIONAL MONEY and FINANCE, 2013, 36, 172-190 (Hao Zhang, co-author)



Is Technical Analysis Profitable for Individual Currency Traders?


This study examines whether technical currency trading by individual currency traders is profitable. The results show technical analysis is negatively associated with performance. Further, the technical trading model developed here adequately describes the cross-section of returns for individual currency traders. [...]


JOURNAL OF PORTFOLIO MANAGEMENT, 2012, 39, 1,142-150 (Abbey Boris, co-author)



Cognitive Dissonance, Sentiment and Momentum


We consider whether sentiment affects the profitability of momentum strategies. We hypothesize that news that contradicts investors’ sentiment causes cognitive dissonance, slowing the diffusion of such news. Thus, losers (winners) become [...]


JOURNAL OF FINANCIAL QUANTITATIVE ANALYSIS (Constantinos Antoniou and Avanidhar Subrahmanyam, co-authors)



“Hot” Debt Markets and Capital Structure


This paper examines the motives of debt issuance during hot-debt market periods and its impact on capital structure over the period 1970–2006. We find that perceived capital market [...]


EUROPEAN FINANCIAL MANAGEMENT, 2011, 17, 46-99 (Michael Guo and Bilei Zhou, co-authors)



Arbitrage Risk and Stock Mispricing


This paper examines the bonding effect of cross-listing before and after the stock market liberalization reforms in China. Consistent with the bonding hypothesis, we find that Chinese firms with foreign listings attain higher valuations than firms without foreign listings. We also find [...]


JOURNAL OF FINANCIAL QUANTITATIVE ANALYSIS , 45, 04, 2010 (C. Kim and C. Pantzalis, co-authors)




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