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Hossan Akter,Sang Beom Park 한국산업경제학회 2010 산업경제연구 Vol.23 No.3
본 연구에서는 다카(Dhaka) 주식시장의 경우를 활용하여 수익률기반의 매매전략에 대해 알아보고 있다. 모멘텀(momentum)과 콘트래리온(contrarian)이라 불리는 수익률기반의 매매전략 중에서 모맨텀 투주전략이 더 나은 성과를 가져다준다는 사실을 알아내었다. 지난 36개월간의 수익률을 기반으로 60일간 보유하는 전략이 가장 높은 수익률을 가져다주고 있다. 장기적인 가격 역전현상 또한 발견할 수 있었다. This paper investigates performances of return based trading strategies in Dhaka Stock Exchange (DSE) of Bangladesh. Of the two return based trading strategies named momentum and contrarian strategy, this paper finds momentum strategies are more profitable than contrarian strategy in DSE. Forming momentum strategy based on previous thirty six months' return and holding it for the next thirty six month is found most profitable in this study. Long - run price reversal is also found in this study.
Efficiency of Operating Lease Financing in Airlines Business : A DEA Study
Mohammad Akter Hossan,Park Sang Bum 한국재무학회 2007 한국재무학회 학술대회 Vol.2007 No.04
Airline companies’ uses different type of lease financing like capital lease, operating lease, and sale – and – lease back type lease. Out of them it is found in some earlier researches that sale – and – lease back type lease has influence on share prices. In this paper operating lease has taken under consideration for same purpose and used as input for output oriented DEA model in order to measure relative efficiency of using lease over time for airline companies, to determine benchmark and finally to find out where improvement is essential to be efficient. Here outputs are selected for DEA model based on previous researches where researchers mentioned some benefits of using lease. The result of DEA is found in this study that some companies are handling operating lease efficiently compare to others. Based on this efficiency scores sample companies are grouped and Mann Whitney rank sum test was applied to observe whether efficiency has any influence on share price increase in capital market or not. It is found here that operating lease does not have this kind of influence or impact on market price of shares.