Recently added articles from Quarterly Journal of Business and Economics:
Firm complexity and FX derivatives use.(foreign exchange )(Author abstract)
Sep 22, 2007; ... Introduction Complexity is the degree of information asymmetry between managers' and shareholders' knowledge of a firm's cash flows and risks to those cash flows. It is the amount of information that would have to be transmitted to eliminate the asymmetry. We have two main ...
Labor market institutions and unemployment: can earlier findings be replicated?(Author abstract)
Sep 22, 2007; ... Introduction and Review Replication in empirical economics is vital. Indeed, it has been argued that a result is not worth knowing if it cannot be reproduced (Mittelstaedt and Zorn, 1984). Because confirming econometric results serves a public interest, this journal gives ...
Intraday Trading by floor traders and customers in futures markets: whose trades drive the volatility-volume relation?(Author abstract)
Sep 22, 2007; ... Introduction Under the mixture-of-distributions hypothesis in Clark (1973) and Tauchen and Pitts (1983), there exists a positive relation between prices and trading volume because both respond to the same underlying latent information. On the other hand, there is a considerable ...
Pricing stock options under expected increasing and decreasing price cases.(Author abstract)
Sep 22, 2007; ... Introduction Several empirical studies have provided evidence that the distributions of stock and stock index returns exhibit persistent skewness (for example, Kon, 1984; Aggarwal and Rao, 1990; and Turner and Weigel, 1992). We conduct a statistical analysis of the S&P 500 ...
A simple and student-friendly approach to the mathematics of bond prices.(Author abstract)
Sep 22, 2007; ... Introduction In his seminal paper Malkiel (1962) rigorously examined the relationship between the yield to maturity of bonds and their market prices. He developed and proved five theorems and showed how the relationship between the changes in yield to maturity and bond price ...
How homogeneous are the stock markets of the Middle East and North Africa?
Jun 22, 2007; ... Introduction Stock markets in the Middle East widely have been ignored by international investors due to imposed restrictions on foreign stock ownership, the lack of common accounting standards and corporate transparency, and economic and political uncertainty. As a result, ...
Y2K: myth or reality?
Jun 22, 2007; ... Introduction The Y2K bug was due to a common source code used in computer software. Computer systems routinely were programmed for two-digit year entries to save storage space. Therefore, computers could have read 00 as 1900 and failed to recognize 2000 on January 1, 2000. At ...
On computing complete distributions for American and European standard and exotic options on stocks paying discrete dividends with applications to stochastic dominance analysis.
Jun 22, 2007; ... Introduction This paper shows that finite Markov chains can be applied as an intuitive and versatile method for the analysis of ordinary and exotic European and American calls and puts on dividend and non-dividend paying stocks. The approach allows the valuation of options under ...
Convertible debt use and corporate governance.
Jun 22, 2007; ... Introduction The goal of all firms is to maximize shareholder wealth. Agency relationships exist when one or more individuals (principals) hire one or more other individuals (agents) to perform some service on their behalf and delegate some decision-making authority to the ...
CFO Magazine's "working capital survey": do selected firms work for shareholders?(Author abstract)
Mar 22, 2007; ... Introduction Cash flow is the lifeblood of firms, and efficient working capital management is the key to achieving healthy cash flow. Firms with weak working capital management strategies give up flexibility and potentially a competitive advantage. An example of the importance ...
Prior debt and the cost of going public.(Author abstract)
Mar 22, 2007; ... Introduction When firms go public, they generally face indirect issuance costs that stem from various risk factors, a prime example of which is information asymmetry between issuers (i.e., sellers) and investors (i.e., buyers). The presence of asymmetry necessitates selling ...
The Chinese stock market: an examination of the random walk model and technical trading rules.
Mar 22, 2007; ... Introduction Considerable academic research has been conducted on the effectiveness of technical analysis of the stock and futures markets. Proponents of the random walk theory (Samuelson, 1965; and Fama, 1965, 1970, 1995) believe that price fluctuations occur randomly; ...
Examining split bond ratings: effect of rating scale.(Author abstract)
Mar 22, 2007; ... Introduction Investors use bond ratings to measure the riskiness of bonds, and they accordingly make their investments in a firm's securities. Firms are influenced by bond ratings, as the ratings affect the firm's access to capital and its cost of capital. Two major agencies, ...
Managerial turnover and ESOP performance.(employee stock ownership plans)
Jan 01, 2007;
Performance measurement & matching: the market for football coaches.
Jan 01, 2007;
The effect of monitoring by outside blockholders on earnings management.(Brief article)
Jan 01, 2007;
The effect of risk factors on cost of equity estimation.
Jan 01, 2007;
The dynamic interaction between equity prices and supply shocks.
Jun 22, 2006;
Seasonal and non-seasonal long memory in the US interest rate and the Monetary aggregates.
Jun 22, 2006;
Did decimalization benefit members of the Toronto Stock Exchange?
Jun 22, 2006;