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This paper aims to examine the relationship between the dividend signaling hypothesis and a firm's life cycle.

The authors use Dickinson's (2011) methodology to develop a proxy for the firm's stages in its life cycle and to examine the relationship between dividends and future earnings following a nonlinear setting.

Using a sample of US firms during the 2000–2014 period, the authors find that the signaling hypothesis can be dependent on firm-specific characteristics, such as life cycle stages. The authors report that the relationship between dividend changes and subsequent earnings changes is different for different life stages. They also find that changes in the amount of the dividend provide some information about future earnings, especially during the early (introductory and growth) stages. These results are consistent with the use of earnings or return on assets as the dependent variables in models of earnings expectations.

The authors believe that this is the first time that the dividend signaling hypothesis has been linked to the life cycle of the firm.

Single-listed American depositary receipts (ADRs) are traded in US markets, while their underlying share is not listed in the firm’s home market. The purpose of this paper is to empirically examine the factors affecting the returns and volatility of a sample of Chinese single-listed ADRs, in comparison with traditional Chinese ADRs.

The methods used in this paper are similar to those used in the examination of traditional or dual-listed Chinese ADRs. However, motivated by the very nature of single-listed ADRs, the authors estimate a base model which includes factors from the two presumably most important markets for single-listed Chinese ADRs (i.e. the Chinese and US markets). In all of the estimations, the authors follow a two-step procedure. First, the authors estimate a GARCH(1,1) model with the mean equation modeled as an AR(p) process and from those models estimate GARCH (conditional) variances.

In line with the evidence on traditional Chinese ADRs, the authors find that both the Chinese and the US markets are important predictors of single-listed ADR returns. The results are robust to variations in the model specifications.

Single-listed ADR return behavior is still an under-researched topic. In this paper, the authors contribute to the literature on Chinese single-listed ADRs by empirically examining the determinants of their mean return and volatility.

The literature on the potential benefits of art investing has yet to consider the effects of categorizing world regional art markets (e.g. Latin American art) by artistic styles or movements (e.g. Latin American surrealism, Latin American conceptual art, etc.). We propose that such categorization should be carried out and analyze the Latin American art market as an example.

Eleven artistic style price indices within the Latin American art market (30,288 artworks created by 293 artists and sold at auction between 1970 and 2014) are estimated using hedonic regressions: Abstract-geometric, abstract-informal, conceptual, costumbrismo, cubism, figurative, muralism, landscape, surrealism, nineteenth century and avant-garde. We find that several variables that rely on the corresponding Latin American art movement index have a significant relationship with painting prices.

There is significant variation in the financial performance of the various price indices for Latin American art styles: the conceptual (10.33% annual real return), abstract geometric (1.97%), cubism (0.97%) and costumbrismo (0.91%) movements overperformed a market that exhibited an aggregate negative cumulated real return of 0.9% during the sample period. The average correlation between each of the styles was only 0.12. The estimated price index for paintings sold at Christie's and Sotheby's clearly outperformed the index estimated for the other auction houses, and we also found that paintings created by Latin American women artists yielded higher returns.

Our results have practical applications for investors, collectors, auction houses and policymakers.

This is the first paper to highlight the need to decompose art price indices by artistic movements at the regional level.