Two models of the interaction between regional financial markets and regional production are examined. The first assumes that regional expenditures are determined by the regional interest rate, analogous to national IS-LM macroeconomic models. The second assumes that regional expenditures are...

We examine abnormal returns and trading activity in bond markets around earnings announcements. Previous work provides mixed evidence on the relative impact of positive and negative surprises and the degree of response in investment-grade and speculative-grade bonds. We find that these...

Studies of quarterly earnings announcements by firms typically focus on the quality of the announcement or the financial impact of the announcement. Few studies focus on the method and timing of announcements of quarterly earnings, a question of increased interest since the enactment of the...