Quarterly Journal of Business and Economics articles from September 1994

Quarterly Journal of Business and Economics archives from September 1994

Cash balances and the January effect in stock returns.
September 22, 1994... INTRODUCTION Rozeff and Kinney's (1976) finding that mean stock returns in January are higher than for other months has stimulated further research on January returns. These subsequent studies attribute this January effect to the concentration...

The effect of the two different monetary base measures on financial markets.
September 22, 1994... INTRODUCTION Cornell (1983 b) argues that if unexpected M1 announcements carry information to financial markets, then unexpected monetary base announcements, which generally have a one week shorter publication lag, also should carry...

Monetary models of the Canadian-U.S. exchange rate: a reexamination of empirical evidence, 1971-1986.
September 22, 1994... INTRODUCTION Boothe (1983) argues that monetary models were appropriate for describing the Canadian foreign exchange market for the 1971-1978 period and that such models could have been used to speculate profitably on the Canadian-U.S....

The market reaction to voluntary corporate spinoffs: revisited.
September 22, 1994... INTRODUCTION When corporate spinoffs occur, current shareholders "receive a pro-rata distribution of separate equity claims on a subset of the original firm's net assets" (Schipper and Smith, 1983, p. 437). Excess returns have been found to be...

The equivalence of the cascading scenario and the backward-bending demand curve theory of the 1987 stock market crash.
September 22, 1994... Explanations of the 1987 crash initially blamed the market's institutional structure and practices such as program trading, futures, and portfolio insurance. These explanations include the cascading scenario,(1) the Brady Commission report, and...

Efficacy of portfolio performance measures: an evaluation.
September 22, 1994... INTRODUCTION There is ample empirical evidence (Bailey and Stulz, 1990; Cumby and Glen, 1990; etc.) that internationally diversified portfolios provide a greater degree of diversification in comparison to domestically diversified portfolios....