Under conditions of risk neutrality and rational expectations in the foreign exchange market, there should be a one-to-one relationship between the forward rate and the corresponding future spot rate. However, cointegration-based tests of the unbiasedness hypothesis of the forward rate have...

Purpose – The purpose of this paper is to investigate the effect of bankruptcy announcements on the bankrupt firm's competitors' stock returns Design/methodology/approach – Starting with a sample of Chapter 11 bankruptcies from 1980 through 2008, the authors use event study methodology to...

The US residential brokerage industry has seen real commission rates and agent incomes rise over the past several decades while percentage commission charges remained relatively stable within local markets. Access to the Multiple Listing Services (MLS) and strong industry interdependency helped...

It is commonly understood that residential real estate brokerage fees in the US tend to run 6% or 7% within local markets for existing property resales. Exceptions to these historically uniform going rates are starting to appear, and utilization of the internet will provide new efficiencies that...

Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs) seem to have different systematic risk levels even though both invest almost exclusively in real estate related assets. We find business risk to be negatively related to systematic risk, as measured by beta, for...

We study the performance and diversification of iShares and their rival closed-end country funds from April 1996 to December 1999. International iShares are country-specific series of securities that track the price and yield of a specific Morgan Stanley Capital Internation (MSCI) country index...