This article examines the value of lead information by investigating the predictive power the automatic data processing (ADP) report has on nonfarm payroll employment data released by the Bureau of Labor Statistics (BLS) 2 days after the ADP. We find that updating a vector autoregression (VAR)...

This examination of the temporal dynamics of the international Monday effect is based on 50 countries. Observed between-country differences are characterised by an economic factor based on four indices. The prior day effect captures the tendency for price changes to follow those on the prior...

This paper examines the impact of cultural distance on the underpricing of initial public offerings issued by foreign firms in the United States (foreign IPOs). Using a sample of 503 foreign IPOs from 27 countries for the 1980–2012 period, we find that greater cultural differences between U.S....

Evidence on whether smoothing earnings creates value remains inconclusive. This article examines the role of market uncertainty in the relationship between corporate earnings smoothing and stock returns. We find that firms with smoother earnings are viewed favourably by stockholders. However,...

This study focuses on the market reaction to information transfers from economically linked customers. I examine whether investors have limited attention with respect to the information contained in customer earnings announcements for suppliers. Using 1083 unique customer–supplier...

When contagion is defined as a significant increase in market comovement after a shock to one country, we propose a test for financial contagion based on a nonparametric measure of the cross-market correlation. Monte Carlo simulation studies show that our test has reasonable size and good power...

type="main" xml:lang="en" <title type="main">Abstract</title> <p>In this article we examine the impact of cultural distance on the pricing of corporate bonds issued in the United States. We find that greater cultural differences between U.S. investors and foreign issuers increase the cost of debt. We also find that the cost...</p>

In this paper, an in-depth analysis of power supply and demand on Vancouver Island is used to provide information about the optimal allocation of power across ‘generating’ sources and to investigate the economics of wind generation and penetrability into the Island grid. The methodology...

Conjugate gradient methods are efficient to minimize differentiable objective functions in large dimension spaces. Recently, Dai and Yuan introduced a tree-parameter family of nonlinear conjugate gradient methods and show their convergence. However, line search strategies usually bring...

There is an extensive literature on the Monday effect with stock indices. It is regularly reported that the return on Monday is correlated with the return on the prior Friday. The bad Monday effect occurs when the return on the preceding Friday is negative. Cotton is an economically important...