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Market‐timing skills of fund managers are an important issue for both mutual fund investors and researchers. The purpose of this paper is to analyze the market‐timing skills and determinants of performance of sector funds across business cycles to see whether sector fund managers exhibit different market‐timing abilities across business cycle.

Single factor, five‐factor conditional and five‐factor unconditional models were used to estimate the initial results for market timing of sector funds across the business cycle. Monthly data such as returns, Fama and French factors, and fund specific variables of sector funds from January 1990 to December 2005 were used to estimate initial and cross‐sectional results. Cross‐sectional analyses were done using two approaches: the traditional approach where alpha, the dependent variable, is estimated assuming that betas of predicting variables remain constant over time, and where alpha is estimated assuming that betas do change over time. Estimated alpha was estimated as a function of fund specific variables to examine which fund specific variables influence fund abnormal performance across the overall, recessionary, and expansionary periods.

The benchmark used in the analysis (S&P vs sector specific) was shown to greatly influence the results. Sector funds demonstrate positive timing ability during recessions and negative timing ability during expansions when using the S&P 500 as the benchmark, but this timing ability disappears when sector specific benchmarks are used. As a whole, sector funds exhibit significant negative timing ability across all stages of the business cycle. When using the more appropriate industry specific benchmarks, only the utility sector demonstrates significant timing ability over both stages of the business cycle.

Only two recessions are observed over the period of study. More recession periods would have given a clearer picture of findings across business cycle.

This paper offers readers an insight into the market‐timing abilities of sector fund managers across the business cycles. Investors can use the findings of this paper to develop hedging strategies especially when the economy is going through recession.

This paper covers the longest period of sector funds market timing and is the only one that evaluates sector funds across business cycle.

The purpose of this paper is to examine the impact of market timing and pseudo market timing on equity issuance decisions of IPOs in an emerging economy – India. Indian new issues market provides a perfect setting to test market timing against pseudo market timing due to two reasons. First, the US literature shows that most underpriced IPOs are highly overvalued and in India, the authors have the evidence of underpricing of IPOs. But whether Indian IPOs are overvalued or not it is yet to be tested. Second, majority of IPOs were issued in India only after the 1991 economic reforms which may signal the evidence for pseudo market timing hypothesis.

The authors use direct test to examine the impact of market timing and pseudo market timing variables on the IPO activity. The direct tests of market timing and pseudo market timing hypotheses are based on the positive relation of market timing variables and market conditions variables with IPO activity. The authors examine the long-run performance of IPOs by using the calendar-time regression approach to test market timing against pseudo market timing. This serves as indirect test of market timing and pseudo market timing. Evidence of market timing using indirect test shows that there is a decline in the long-run stock performance of IPOs.

The results show that in India, firms issue equity not just due to market conditions but they also issue equity in order to time the market. The results of market timing are also supported by the calendar-time approach results. However, the authors find that the evidence of market timing is stronger for hot issue markets as compared to cold issue markets.

This is the first study to comprehensively examine market timing and pseudo market timing using direct and indirect tests for an emerging market context.

Good market timing skills can be an important factor contributing to hedge funds’ outperformance. In this chapter, we use a unique semiparametric panel data model capable of providing consistent short period estimates of the return correlations with three market factors for a sample of Long/Short equity hedge funds. We find evidence of significant market timing ability by fund managers around market crisis periods. Studying the behavior of individual fund managers, we show that at the 10% significance level, 17.12% of funds exhibit good linear timing skills and 21.32% of funds possess some level of good nonlinear market timing skills. Further, we find that market timing strategies of hedge funds are different in good and bad markets, and that a significant number of managers behave more conservatively when the market return is expected to be far above average and more aggressively when the market return is expected to be far below average. We find that good market timers are also likely to possess good stock selection skills.

This paper examines the market timing ability of a sample of 62 Australian International equity funds using the returns‐based approach of Henriksson and Merton (1981) (H&M) and Treynor and Mazuy (1966) (T&M). Specifically, the primary focus is to investigate whether market timing ability bears any relationship to the stated fund allocation policy. Generally, the results indicate that fund managers do not successfully time the market. We also find that there is no relationship between the manager's stated level of activity on allocation and their market timing abilities as calculated using the H&M and T&M models. Managers are not successfully implementing their stated policies. These results are consistent with an irrelevance of perceived management style to fund policies and hence performance. Furthermore, it is indicative that fund managers are not successfully targeting particular classes of risk averse investors.

High rates of union dissolution and repartnering among parents means that today’s youth are increasingly likely to spend some time living with a stepparent. Although family structure has been linked to adolescent well-being, most work has compared those in stepfamilies with those in intact families, so it is not clear which aspects of stepfamily life are more or less consequential for adolescent behaviors among those exposed to a co-residential stepfamily.

To examine stepfamilies more closely, we focus explicitly on youth who had ever lived with a stepfather using mother and child data from the National Longitudinal Survey of Youth 1979 (n = 1,754). We specifically explore how structure and stability, timing of exposure, and sibling configuration influence risk-taking, operationalized as sexual debut and drug use at age 16.

We find that timing and sibling composition seem to be unrelated to risk-taking, but stepfamily structure and stability are highly salient. Adolescents currently in a cohabiting stepfamily and those who have experienced the dissolution of a prior stepfamily are more likely to engage in sex (and sometimes use drugs) than their counterparts living with only their stepfather in a married-parent family.

The findings highlight the importance of stability, more so than structure, timing, or sibling configuration, in understanding adolescent risk-taking. The results provide further evidence that children in stepfamilies have unique vulnerabilities and opportunities for resilience, and should be evaluated independently from samples of children from intact families to avoid a deficit approach in modeling and theorizing.

The purpose of this paper is to present a precise comparison between a pre-determined time rules and the evaluation performed with the help of a manual chronometer using data from a line assembly in an automotive industry besieged in the state of Paraná, Brazil. Nowadays, it is possible to verify several tools of measurement of task times, some taking less time and causing less wear of the evaluator than others, but not being in accordance with the real conditions of the workers of a certain industry.

The developed paper has its methodology based on two methods of time analysis, one of them being an adaptation of the MODular Arrangement of Predeterminated Time Standard (MODAPTS) method – called MODAPTS 2. This method is used by the industry in analyzed in this work and the other through the use of simple manual timing, through the digital timer, of the stages developed in a workstation.

The study shows that for each operation analyzed, thus presenting a situation of minimum waste, it becomes possible to judge which reasons exist for the operator during manual timekeeping not to reach the optimum times generated by the system of pre-determined times and movements (PMTSs) questioned.

This study is conducted on an automotive enterprise in a period of confidentiality, which means that only a single workstation is able to be studied. This means that the comparison obtained between the time measurements methods used, and the evaluation of the MODAPTS is carried out with the best possible movements and gestures, disregarding then that the wastes can still be postulated to the whole assembly line.

With the automation in industry, where assemble tasks are usually developed manually, it is believed possible to discard the option of measuring task times in its classic and manual form, using a timer, yet during this process, there will be variables that may not be considered by pre-determined measurements methodologies. The work developed by this paper presents different variables that are not examined by the methods of PMTS, not frequently seen in the literature, as well as the difference that occurs between the measurement of times with stopwatch and the use of PMTS, which, in its original form, disregards the wastes that the operator has in their movements.

The purpose of this study is to examine the impact of interest rates on the size and the maturity choice of a syndicated bank loan. In addition, it attempts to determine the long‐run impact of a syndicated loan on the borrower's capital structure.

The paper uses a sample of 6,903 syndicated bank loans in the USA, covering the period 1984‐2004. First, all syndicated loans are categorized into two groups: loans in periods of increasing interest rates, and loans in periods of decreasing rates. Then, non‐parametric tests are performed to compare the characteristics of the two groups, including the proceeds from the loans, and robust regressions are used to examine the impact of the interest rates on the maturity choice. Finally, robust regressions are employed to examine the long‐run impact of the interest rates on the borrowers' leverage ratios.

On the whole, the results reject the market timing theory of capital structure for syndicated bank loans. Firms in the two groups borrow in similar amounts, and in the long run, the difference between the two groups' leverage ratios is statistically insignificant. On the other hand, firms tend to choose longer maturities when the interest rates are low compared to the rates two or three years ago.

To the best of the author's knowledge, this is the first study that links debt market conditions to the leverage ratios of firms that borrow in the syndicated bank loan market. In other words, this is the first study that tests the market timing theory of capital structure for syndicated bank loans.

This study aims to investigate the market timing strategy in different market conditions (i.e. up, down, normal and in-financial-crisis situation) in the emerging market of Pakistan over the period 1995 to 2015. Furthermore, this study tests the validity of the capital asset pricing model (CAPM) and Fama and French model.

This study considers monthly stock returns of 167 firms and constructs six different portfolios on the basis of different size and book to market ratio. The Treynor and Mazuy model is used to capture the market timing strategy.

The results indicate evidence of the market timing in normal market conditions. However, there is less supportive evidence of market timing in up-market, down-market and in-financial-crisis situations. This study also confirms the validity of the capital asset pricing model and Fama and French three-factor model with strong support of value premium and size premium in the stock market.

The findings of this study are helpful to companies in estimating the cost of issuing equity more accurately. The investors can use market timing to make their investment in a more better and profitable manner.

Unlike other previous studies, this study considers an extended period to test the validity of the capital asset pricing model and Fama and French model. In addition, this study is novel in testing the marketing timing of the firms in the context of emerging economy of Pakistan.