Results from multivariate cointegration and error-correction models consistently reject the dichotomy conclusion of a recent paper in this Journal and reveal instead strong evidence of pronounced linkages among real, monetary, and financial sectors of the US economy. The results further indicate...

Market efficiency is examined using The Wall Street Journal's dartboard contest in which the pros' stock selections seem superior under the contest's rules of only capital gains returns (ignoring dividends). After adjusting for systematic risk, it is found that the pros' capital gains are higher...

The degree of short- and long-term interreactions between the mortgage and other capital markets in the USA is explored. The study also investigates whether financial market deregulation impacts the underlying interrelations. Theory alone provides little practical guidance on both issues. The...

We examine the Cumulative Abnormal Returns (CARs) of petroleum, airline and investment banking firms to the announcement and initiation of trading for two new oil-related assets in 2006: West Texas Intermediate crude futures contracts traded via the Intercontinental Exchange and the American...