Quarterly Journal of Business and Economics articles from June 1997

Quarterly Journal of Business and Economics archives from June 1997

Seasonality in the returns of defaulted bonds: the January and October effects.
June 22, 1997... INTRODUCTION In a recent article in the Financial Analysts Journal Altman (1993) raises the issue of seasonality in returns on investments in publicly traded defaulted corporate bonds. Altman suggests that preliminary evidence of...

Stock prices and Wall Street weather: additional evidence.
June 22, 1997... INTRODUCTION In a recent paper Saunders (1993) presents evidence regarding the relationship between Wall Street weather and average daily security returns. He finds (pp. 1344-1345) that "the weather in New York City has a long history of...

The holiday anomaly: an investigation of firm size versus share price effects.
June 22, 1997... INTRODUCTION Although numerous market anomalies have been discovered and investigated over the past 20 years, the holiday effect is among the oldest, largest, and most consistent of all seasonal regularities.(1) This single effect is...

An examination of the impact of changes in the maturity mix of government borrowing on long-term interest rates.
June 22, 1997... INTRODUCTION Evans (1985) states that: "In over a century of U.S. history, large deficits have never been associated with high interest rates" (p. 86). In contrast, Hoelscher (1986) claims that the "deficit-interest rate connection is...

Testing for liquidity gains in the market reaction to Nasdaq National Market System phase-ins.
June 22, 1997... INTRODUCTION Previous studies by Ying, Lewellen, Schlarbaum, and Lease (1977), Fabozzi (1981), Grammatikos and Papaioannou (1986a), and Sanger and McConnell (1986) report a positive market reaction to announcements about the movement of...