Using data on 560 firm-commitment initial public offerings of common stock for the 1982-1983 period, we find that the cross-sectional distribution of one-day returns is modeled better as a mixture of two distributions, with the parameter estimates of one distribution being consistent with...

We examine the initial shareholdings taken by bidders prior to making tender offer bids ('toeholds') in order to test predictions of selected models of tender offers. Our data suggest a significantly negative relationship between first bidder premia and toeholds, which is consistent with the...

L’articolo utilizza un modello a equazioni simultanee per verificare l’ipotesi classica di statistica macroeconomica secondo la quale i mezzi condizionali delle variabili economiche reali sono indipendenti dai due strumenti di politica monetaria per quanto riguarda l’economia canadese nel...

Provides additional evidence that across-border differences in state sales tax rates alter the pattern of retail sales in areas near the state border.

This paper uses the Granger direct test to evaluate the causal relationship between growth in money supply and inflation in Pakistan. The historical period investigated extends from 1973 to 1985. The results of the test show that money growth had a significant impact on inflation during the...

Using survey data on a random sample of 2000 mutual fund investors, we classify investors by their level of financial literacy and their place of mutual fund purchase. After using a probit model to separately estimate the determinants of an investor's choice of distribution channel and level of...