We conjecture that an introduction of the Hong Kong Hang Seng Chinese Enterprise Stock Index (H-share Index) futures induces additional speculating activities in the underlying equities, leading to an increase in volatility and volume of the underlying stocks. Whereas, a subsequent introduction...

This study examines the impacts of directors' dealings on firm liquidity. Consistent with the information asymmetry hypothesis, spread widens and depth falls on insider trading days as compared to non-insider trading days. This result suggests that increased share trading by insiders impairs...

In order to outperform his peers, a mutual fund manager may decide to invest in stocks that are considerably different from his competitors. By investing in a unique portfolio, the fund manager has a greater chance of either outperforming or underperforming his peers than those managers who...

In this paper, we investigative the impact of the introduction of the Euro on exchange rate exposures and the subsequent hedging practices of a sample of French corporations. Our findings indicate that the introduction of the Euro led to both a reduction in the number of firms that have...

Optimal decision-analytic designs are deterministic. Such designs are appropriately criticized in the context of clinical trials because they are subject to assignment bias. On the other hand, balanced randomized designs may assign an excessive number of patients to a treatment arm that is...

Consider designing a clinical trial in stages, with two treatments and N exchangeable patients to be treated. Responses are dichotomous. The problem is to decide how large each stage should be and how many patients should be assigned to each treatment during each stage. Information is updated...

The term "privately run economy," at the present stage [of development] in our country, refers to economic elements in which the assets of the enterprise belong to private individuals and are under a private ownership system, in which there is a set of labor relationships in which workers are...

A Bayesian adaptive design is proposed for a comparative two-armed clinical trial using decision-theoretic approaches. A loss function is specified, based on the cost for each patient and the costs of making incorrect decisions at the end of a trial. At each interim analysis, the decision to...