This article measures overall, allocative, technical, pure technical and scale efficiency levels for a sample of residential real estate brokerage firms using data envelopment analysis, a linear-programming technique. The results suggest that real estate brokerage firms operate inefficiently....

Using the Stochastic Permanent Breaks (STOPBREAK) model, this study examines the relationships of the US stock market with the Japanese and eight European stock markets. The evidence indicates that the US stock market is temporally cointegrated with the markets in Japan, Germany, Netherlands and...

Underwriters in Taiwan have to purchase 10-25% of shares offered in initial public offerings (IPOs) for their own accounts. We present a signalling model showing that the underwriter retention rate can serve as a signal of firm value to investors because underwriters are investors as well. This...

Sections 20 and 32 of the 1933 Glass–Steagall Act address a potential conflict of interest by banning commercial banks from the market for corporate securities underwriting. This restriction was officially rescinded in 1999 by the Gramm–Leach–Bliley Financial Modernization Act. In turn,...

The long-run performance of equity securities subsequent to announcements of open market repurchases (OMR) remains a contentious topic. In this paper we propose the “dichotomous expectations hypothesis” which posits that insider trading following share repurchase announcements reveals...