Under conditions of risk neutrality and rational expectations in the foreign exchange market, there should be a one-to-one relationship between the forward rate and the corresponding future spot rate. However, cointegration-based tests of the unbiasedness hypothesis of the forward rate have...

Purpose – The purpose of this paper is to investigate the effect of bankruptcy announcements on the bankrupt firm's competitors' stock returns Design/methodology/approach – Starting with a sample of Chapter 11 bankruptcies from 1980 through 2008, the authors use event study methodology to...

The US residential brokerage industry has seen real commission rates and agent incomes rise over the past several decades while percentage commission charges remained relatively stable within local markets. Access to the Multiple Listing Services (MLS) and strong industry interdependency helped...

We study the performance and diversification of iShares and their rival closed-end country funds from April 1996 to December 1999. International iShares are country-specific series of securities that track the price and yield of a specific Morgan Stanley Capital Internation (MSCI) country index...