Quarterly Journal of Business and Economics articles from September 1995

Quarterly Journal of Business and Economics archives from September 1995

The impact of Barron's recommendations on stock prices.
September 22, 1995... INTRODUCTION The term second-hand information refers to information that has been collected from public sources and manipulated or simply reported again by a public news source. Prior research documents the existence of abnormal returns upon...

An econometric analysis of differences between motor carriers: implications for market structure.
September 22, 1995... INTRODUCTION The increase in U.S. motor carrier industry concentration following the Motor Carrier Act of 1980 has been a topic of great concern to industry observers (Kling, 1990; Enis and Morash, 1987; Rakowski, 1988, 1990). While there is...

The impact of golden parachutes on Fortune 500 stock returns: a reexamination of the evidence.
September 22, 1995... INTRODUCTION Golden parachutes provide executives with a form of compensation insurance in the event they are terminated following a change of corporate control. While golden parachutes alone have only a minor economic impact on potential...

Stock splits, bid-ask spreads, and return variances: an empirical investigation of NASDAQ stocks.
September 22, 1995... INTRODUCTION Ohlson and Penman (1985) document that the variance of stock returns increases permanently approximately 30 percent following the ex-split date. They explore several explanations for this anomalous finding, but are unable to...

Sale and leaseback transactions: the case of electric utilities.
September 22, 1995... INTRODUCTION The use of financial leases in the electric utility industry is a relatively new phenomenon. Although direct lease financing of small portions of nonnuclear power plants and some other utility assets occurred in the 1970s, there...

Firm size, overreaction, and return reversals.
September 22, 1995... INTRODUCTION De Bondt and Thaler (1985) characterize investors as poor Bayesian decision-makers who tend to overweight recent information and drive security prices away from fundamental values. This type of overreaction to information may...

Competition versus consolidation of order flow: common stock listing on dual domestic exchanges.
September 22, 1995... INTRODUCTION Firms often list their common stock on a regional exchange before moving to a national exchange because the listing requirements are less stringent. Some firms with stock listed on the American Stock Exchange (AMEX) or the New...