Review of Financial Economics articles from March 1994

Review of Financial Economics archives from March 1994

Unit root testing: a critique from chaos theory.
March 22, 1994... I. Introduction Unit root tests are of singular importance in the recent literature of finance and economics. Price series with unit roots are evidence of market efficiency and agents who form expectations rationally. Progress in nonlinear...

Testing alternative views of government budgeting.
March 22, 1994... I. Introduction Government decision-making has increasingly come under scrutiny in recent years. Members of the Chicago school and of the public choice school have proposed models of government budgeting in which spending, taxing and...

An investigation of the effect of qualified audit opinions on the trading volume and bid-ask spread of over-the-counter firms.
March 22, 1994... Accounting researchers have devoted much attention to the question of whether or not qualified audit opinions convey information to the investing public. Auditors and clients behave as if audit opinions matter (Loudder, Khurana, Sawyers,...

Portfolio performance and the interaction between systematic risk, firm size and price-earnings ratio: the Canadian evidence.
March 22, 1994... I. Introduction The performance superiority of stock portfolios characterized by low price-earnings (P/E) ratio continues to be a debatable issue. On the one hand, risk-adjusted excess returns are a violation of the semi-strong form of the...

The effects of stock splits on the ownership mix of a firm.
March 22, 1994... I. Introduction Many view a stock split as a purely cosmetic accounting change. The split neither affects a firm's real asset cash flows or those of its claimants nor the shareholder's proportional ownership. Therefore, a split should have...

Does the October 1987 crash strengthen the co-movements among national stock markets?
March 22, 1994... I. Introduction Early research on the synchronization among stock prices across countries focused on the benefits of international diversification in reducing systematic portfolio risk [Agmon (1972), Lessard (1973), Panton, Lessig, and Joy...