Quarterly Journal of Business and Economics articles from March 1995

Quarterly Journal of Business and Economics archives from March 1995

Pricing of differentially taxed securities: experimental evidence.
March 22, 1995... INTRODUCTION This research examines the equilibrium prices of two types of securities (taxable and nontaxable) in a laboratory market setting to determine whether their after tax yields are equivalent. Scholes and Wolfson (1992) have...

Should managers shelf register secondary offerings?
March 22, 1995... INTRODUCTION Shelf registration began when the Securities and Exchange Commission (SEC) enacted Rule 415 on a temporary basis on March 3, 1982 and was made permanent on January 1, 1984.(1) Rule 415 allows a firm to register, through one...

The choice of structure measure in industrial economics.
March 22, 1995... INTRODUCTION Recent empirical research from the field of industrial economics fails to find the strong positive correlation between industry profits and market concentration that is hypothesized by the structure-performance model. Moreover,...

Dividends and investment: further empirical evidence.
March 22, 1995... INTRODUCTION Assuming perfect capital markets, Miller and Modigliani (1961) demonstrate that the value of the firm depends only on investment policy and not on the method of financing investments. Thus, although we would expect higher...

Evidence of intertemporal systematic risks in daily stock prices revisited.
March 22, 1995... INTRODUCTION A paper by Hawawini and Vora (1980) examines the intertemporal systematic cross dependence between the daily returns of securities and those of a market index. They interpret their empirical findings as being consistent with the...

The effects of inaccurate parameter estimates in cost variance investigation decisions.
March 22, 1995... INTRODUCTION Formulating a cost variance investigation decision (CVID) as a cost minimization problem for a multiperiod two state process (Kaplan, 1969, 1975, 1982) is accepted as theoretically sound; well-defined solution procedures are...

Serial correlation in the wagering market for professional basketball.
March 22, 1995... INTRODUCTION Debate continues over the validity of the efficient market hypothesis (EMH), which holds that security prices fully reflect all available information at any given time. Fama (1970) has categorized market efficiency into three...