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Short-term versus long-term impact of managers: Evidence from the football industry (2010)
Journal Article
Hughes, M., Hughes, P., Mellahi, K., & Guermat, C. (2010). Short-term versus long-term impact of managers: Evidence from the football industry. British Journal of Management, 21(2), 571-589. https://doi.org/10.1111/j.1467-8551.2009.00668.x

Studies into the impact of top manager change on organization performance have revealed inconsistent findings. Using longitudinal data over a 12-year period on football organizations, we test for the short-term and long-term effects of manager change... Read More about Short-term versus long-term impact of managers: Evidence from the football industry.

UK IPOs: Long run returns, behavioural timing and pseudo timing (2010)
Journal Article
Gregory, A., Guermat, C., & Al-Shawawreh, F. (2010). UK IPOs: Long run returns, behavioural timing and pseudo timing. Journal of Business Finance and Accounting, 37(5-6), 612-647. https://doi.org/10.1111/j.1468-5957.2010.02182.x

In this paper we examine a comprehensive set of 2,499 UK IPOs launched between mid-1975 and the end of 2004. We find compelling evidence of long run under-performance that persists for between 36 and 60 months post-flotation, depending on the precise... Read More about UK IPOs: Long run returns, behavioural timing and pseudo timing.

A net beta test of asset pricing models (2010)
Journal Article
Freeman, M. C., & Guermat, C. (2010). A net beta test of asset pricing models. International Review of Financial Analysis, 19(1), 1-9. https://doi.org/10.1016/j.irfa.2009.09.008

While many recent empirical studies of the CAPM have used conditional beta tests, this technique has recently been shown to have several weaknesses. Here we introduce a new, more robust, net beta test which shares a number of characteristics with con... Read More about A net beta test of asset pricing models.