This study documents the changing impact of long and short term interest rate risks on the equity prices of banks in South Korea during the process of financial liberalization. Consistent with the presence of regulatory constraints, Korean bank equity returns are found to be sensitive to both...

While theory suggests that dividends can be an important signal for firm performance, prior studies have been unable to provide strong evidence of dividend signaling among publicly listed U.S. companies. One potential explanation for this inconsistency between theory and empirical evidence is...

This paper examines the impact that the Prompt Corrective Action (PCA) standards had on bank portfolios following the passage of FDICIA in 1991. To do this, the simultaneous equations model developed by Shrieves and Dahl (1992), and later modified by Jacques and Nigro (1997) to study the impact...

An important puzzle in international finance is the failure of the forward exchange rate to be a rational forecast of the future spot rate. It has often been suggested that this puzzle may be resolved by using better statistical procedures that correct for both non-stationarity and nonnormality...

This paper examines for the first time the existence of psychological barriers in a variety of daily and intra-day gold price series. This paper uses a number of statistical procedures and presents evidence of psychological barriers in gold prices. We document that prices in round numbers act as...

In this essay we present three simple but powerful changes in our health care system that should be implemented as soon as possible – especially as these changes will drive numerous other beneficial changes. These three changes start with the acceptance of free market principles, and includes...

Intellectual property protection and management (IPPM) are important operational and strategic issues especially for global companies. Most prior discussions of this topic focus heavily on the legal aspects of this topic. However, by the time legal action becomes necessary, the stakes and costs...

This is a study of the co-integration between the Japanese yen and two sets of Asian currencies, i.e., currencies of the "Tigers"--Hong Kong, South Korea, Singapore, and Taiwan--and currencies of the ASEAN nations--Malaysia, Philippines, Thailand, and Singapore. Accounting for deviations from...

While the study of dividend policy in Japan has investigated the role of group affiliation, it has heretofore neglected the impact of the strength of group affiliation. Using the strength of group association, a new variable in the study of dividend policy, we document that the probability of...