Quarterly Journal of Business and Economics articles from June 2002

Quarterly Journal of Business and Economics archives from June 2002

Relative price changes as supply shocks: evidence from U.S. cities.
June 22, 2002... Introduction There is a substantial literature that explores the relationship between inflation and the distribution of relative price changes. It is widely documented that there is a positive relationship between inflation and the...

Changes in the size structure of the world's largest banks by country, 1990-2000.
June 22, 2002... Introduction International banking increased dramatically during the last decades with the establishment of substantial networks of banking offices and branches around the world. Rhoades (1996) notes that globalization of large-scale...

Management of defined-benefit pension funds and shareholder value.
June 22, 2002... Introduction Total defined-benefit pension assets of U.S. companies today are substantial and run into several trillion dollars. For a typical firm, these pension assets are over 15.0 percent of the firm's total assets, over 35.0 percent...

Role of venture capitalists in IPO corporate governance and operating performance.(initial public offerings)
June 22, 2002... Introduction The poor after-performance of initial public offerings has attracted considerable research interest. Studies have documented lower long-run stock returns after an offering (Stoll and Curley, 1970; Stern and Borstein, 1985;...

Finance theory, lender liability, and the value of banking relationships: a survey and interpretation.
June 22, 2002... Introduction Banking relationships are immensely valuable to borrowers and to banks. Bernanke (1983) attributes part of the Great Depression of the 1930s to the destruction of bank-borrower relationships and the subsequent increased real...

Stock returns and real activity: new evidence from the United States and Japan.
June 22, 2002... Introduction The fundamental value of a firm's stock is the expected present value of future dividends. Future dividends must reflect real economic activity. Past research and conventional wisdom support the notion that asset prices...

[R.sup.2]: a market-based measure of portfolio and mutual fund diversification.
June 22, 2002... Introduction According to the investments literature, the ability to diversify a portfolio across a broad range of stocks leads to efficient risk-sharing. Diversification enables investors to reduce those risks that bear no compensation...

The threat of systemic risk in European banking.
June 22, 2002... Motivation Banking activities are regulated and supervised throughout industrial countries. In general, the reasons for regulation and supervision are controversial. "A central issue in this controversy is the extent to which a negative...