Macro variables and the components of stock returns (2015)
Journal Article
Maio, P., & Philip, D. (2015). Macro variables and the components of stock returns. Journal of Empirical Finance, 33, 287-308. https://doi.org/10.1016/j.jempfin.2015.03.004

We conduct a decomposition for the stock market return by incorporating the information from 124 macro variables. Using factor analysis, we estimate six common factors and run a VAR containing these factors and financial variables such as the market... Read More about Macro variables and the components of stock returns.

Media content and stock returns : the predictive power of press (2015)
Journal Article
Ferguson, N., Philip, D., Lam, H., & Guo, M. (2015). Media content and stock returns : the predictive power of press. Multinational finance journal, 19(1), 1-31

This paper examines whether tone (positive and negative) and volume of firm-specific news media content provide valuable information about future stock returns, using UK news media data from 1981–2010. The results indicate that both tone and volume o... Read More about Media content and stock returns : the predictive power of press.

Stock market literacy, trust, and participation (2014)
Journal Article
Balloch, A., Nicolae, A., & Philip, D. (2015). Stock market literacy, trust, and participation. Review of Finance, 19(5), 1925-1963. https://doi.org/10.1093/rof/rfu040

This article studies the importance of stock market literacy and trust for stock ownership decisions. We find that these two distinct channels simultaneously explain not only the probability of participation, but, conditional on participation, also e... Read More about Stock market literacy, trust, and participation.

What drives the disappearing dividends phenomenon? (2013)
Journal Article
Kuo, J., Philip, D., & Zhang, Q. (2013). What drives the disappearing dividends phenomenon?. Journal of Banking and Finance, 37(9), 3499-3514. https://doi.org/10.1016/j.jbankfin.2013.05.003