Quarterly Journal of Business and Economics articles from March 2001

Quarterly Journal of Business and Economics archives from March 2001

Stock offerings, issue costs, and bank debt reductions.
March 22, 2001... Introduction Hull and Moellenberndt (1994) find that stock issues retiring bank debt have a market response about twice as negative as those retiring nonbank debt.' In this paper, we extend this research by seeking to learn if issue...

Merrill Lynch's focus stock picks: a test of analysts' stock picking ability.
March 22, 2001... Introduction "Wall Street analysts have gone from darlings to dogs in just a few years." This quote from the June 2002 (page 71) of Money magazine captures the attention currently directed toward security analysts. Among the investment...

Information asymmetries, managerial ownership, and the impact of layoff announcements on shareholder wealth.
March 22, 2001... Introduction Corporate downsizing and reorganization have been common occurrences in the U.S. economy since the mid-1980s. Companies have reduced their workforces in large numbers and continue to do so. The article "Economic Beat" in...

An empirical investigation of the stability of the risk measures of Latin-American common stocks through their underlying return-generating processes.
March 22, 2001... Introduction This paper tests the stability of the parameters of the linear characteristic line (market) model of Sharpe (1964) and the quadratic characteristic line model of Kraus and Litzenberger (1976). (1) In the ex-post form the...