Dr. John Doukas
Selected Publications


Investor Sentiment and the Closed-end Fund Puzzle: Out-of-Sample Evidence


In this paper we examine the proposition that small investor sentiment, measured by the change in the discount/premium on closed-end funds, is an important factor in stock returns. We [...]


EUROPEAN FINANCIAL MANAGEMENT, 10, 2, June 2004, 235-266 (N.Milonas, co-author)



Exchange Rate Exposure at the Firm and Industry Level


Previous work on the exposure of firms to exchange rate risk has primarily focused on U.S. firms and, surprisingly, found stock returns were not significantly affected by exchange-rate fluctuations [...]


FINANCIAL MARKETS INSTITUTIONS AND INSTRUMENTS, 12, 5, 2003, 291-346 (Patricia Hall and Larry Lang, co-authors)



A Test of the Errors-in-Expectations Explanation of the Value/Glamour Stock Returns Performance: Evidence from Analysts' Forecasts


Several empirical studies show that investment strategies that favor the purchase of stocks with low prices relative to conventional measures of value yield higher returns. Some of these [...]


JOURNAL OF FINANCE, LVII, No. 5, October 2002, 2143-2165 (C.Kim and C. Pantzalis, co-authors)



Geographic Diversification and Agency Costs of Debt of Multinational Firms


This paper examines the agency conflicts between shareholders and bondholders of multinational and non-multinational firms and provides an explanation for the puzzle that multinational firms use less long-term debt, but [...]


JOURNAL OF CORPORATE FINANCE, 9, 2003, 59-92 (C.Pantzalis, co-author)



Diversification, Ownership and Control of Swedish Corporations


[...]


EUROPEAN FINANCIAL MANAGEMENT, 8, No. 3, 2002, 281-314 (M. Holmen and N. Travlos, co-authors)



The Operational Hedging Properties of Intangible Assets: The Case of Non-Voluntary Foreign Asset Selloffs


[...]


JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT AND ACCOUNTING, 13,3 2002,183-213 (Prasad Padmanabhan, co-author)



The Dark Side of the Yield Spreads and Europe's Investment Prospects


For the first time since 1990 the yield on 10-year U.S. Treasury bonds fell below the 1-year Treasury notes. In the parlance of bond traders and financial economists the yield curve (inverted) obtained an inverted shape. The shape of the yield curve [...]


EUROPEAN INVESTOR DIRECT, April 18, 2000