In recent years skewness has become a much-discussed factor in financial research, and many studies/models involve the skewness of various financial variables. This paper (i) points out the universal neglect in the finance literature of skewness' sampling error and its significant consequences;...

Purpose – The purpose of this paper is to examine the day-of-the-week effect for three primary money market instruments in Canada. The sample period is 1980-2009. Design/methodology/approach – The authors use three approaches. First, a parametric t-test is employed to determine if a...

This article extends the empirical literature on the efficiency of stock markets in the US by applying a battery of unit root tests to empirically ascertain whether stock prices are mean reverting. This article, unlike previous studies, employs a disaggregated approach using the daily closing...

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...