In this article, we compare several candidate time-series models for the time-series of quarterly accounting earnings per share. One Box-Jenkins model dominates in terms of forecast accuracy. This model is a Box-Jenkins (1,0,0) x (0,1,1) model

Large outside shareholders, outside boards, and management entrenchment influence the choice of inside or outside CEOs. In a sample of 385 CEO changes from 1979 to 1986, the probability of selecting an outside CEO rises with the level of stock ownership of large outside shareholders and the...

This article describes in some detail the properties of free market money and banking so as to contrast state-controlled central bank money and banking. It examines seven steps that government takes to replace the free market with central banking as it creates a banking system cartel. A number...

Joseph Stiglitz shared the Nobel Prize in 2001 partly on the basis of an important paper of his (with Greenwald): "Externalities in Economies with Imperfect Information and Incomplete Markets." In that paper he says: "There exist government interventions (e.g., taxes and subsidies) that can make...

The first part of this paper derives the Market Pricing Maxim (MPM): market transaction prices fully reflect available information. This is not the same as the efficient market hypothesis (EMH). The MPM holds whether prices are unbiased estimates of fundamental value, as the EMH hypothesizes, or...

Price adjustment delays occur between in-the-money convertible preferred stock prices and common stock prices. Convertible preferred prices systematically deviate from the prices predicted from their conversion relations with common stocks. The price predictability stems from price changes in...

Managerial behavior differs considerably when managers report quarterly profits versus losses. When they report profits, managers seek to just meet or slightly beat analyst estimates. When they report losses, managers do not attempt to meet or slightly beat analyst estimates. Instead, managers...

Little is known about which forecasts to select when all forecasts are not equally recent. This paper uses security analysts' annual earnings forecasts to examine this issue. The comparative predictive accuracy of the mean and three timely composites is examined, where the three timely...