Quarterly Journal of Business and Economics articles from January 2003

Quarterly Journal of Business and Economics archives from January 2003

Erratum.(Correction Notice)
January 1, 2003... A change in our production methods lead to an error in our last issue. The running even page headers on pages 71 through 82 should have read Bouresli, Davidson, and Abdulsalam.

Predicting successful takeovers and risk arbitrage.
January 1, 2003... Introduction Mergers and acquisitions long have been a major research area in finance. Most academic researchers have focused on the wealth effects and their economic/financial reasons around merger attempt periods. Wall Street...

Ownership structure and risk: a Canadian empirical analysis.
January 1, 2003... Introduction Most previous studies on corporate governance and ownership structure examine the problem of separation between ownership and management (e.g., Jensen and Meckling, 1976; Fama and Jensen, 1983a, 1983b). In particular, they...

A new index outperforms the Purchasing Managers' Index.
January 1, 2003... Introduction The manufacturing Report on Business of the Institute for Supply Management (ISM) is an important indicator of economic activity (Niemira and Zukowski, 1998). The Purchasing Managers' Index (PMI) is the centerpiece of the...

Analyst forecast dispersion and future stock return volatility.
January 1, 2003... Introduction Analysts' forecast dispersion refers to the disagreernent among analysts with regard to the expected earnings per share (EPS) of a given firm. It is a forward-looking variable that embeds analysts' expectations about the...

Conflict of interest in commercial bank security underwritings: United Kingdom evidence.
January 1, 2003... Introduction The distinction between commercial and investment banks has blurred considerably. In fact, the U. S. Congress voted in November 1999 to repeal the depression-era Glass-Steagall Act that separated commercial and investment...

Market reaction to open market stock repurchases and industry affiliation.
January 1, 2003... Introduction An open market stock repurchase program is a popular method used by management to increase value to stockholders. Management can buy back stock, raise dividends, increase capital spending, or make acquisitions to deploy the...

Empirical evidence on the conditional relation between higher-order systematic co-moments and security returns.
January 1, 2003... Introduction Since the seminal paper by Markowitz (1959), the capital asset pricing model (CAPM) of Sharpe (1964) and Lintner (1965) has become an important tool in finance for assessment of cost of capital, portfolio performance and...

Declining unionization: further analysis of the 'fringe benefits' effect.(fringe effect)
January 1, 2003... Introduction It is well known that there has been a lengthy and pronounced decline in private sector unionization. Seminal studies by Ashenfelter and Pencavel (1969), Pencavel (1971), and Bain and Elsheik (1976) have spawned a vast...