Studies in Economics and Finance: Volume 19 Issue 1/2

Does the Maturity Mix of Government Borrowing Impact Municipal Bond Rates?

Marc C. Chopin

The possibility that government borrowing may crowd out private borrowing has been widely discussed in the popular press and extensively analyzed by researchers. The Clinton…

IS ZONING A POSITIVE‐SUM GAME?

Malcolm O. Asadoorian

Zoning is typically deemed a negative‐sum game accompanied by a call for the establishment of a market for development rights. Using a formal one‐stage game of a typical zoning…

MONOPOLY POWER VS. PRODUCTIVITY EFFECTS OF UNION MEMBERSHIP

Nancy O. Cromwell, Janet C. Hunt‐McCool

We test two alternative hypotheses concerning the impact of union membership on the reemployment earnings of displaced workers and find support for the hypothesis that unions…

WHY DO LARGE U.S. BANKS OUTPERFORM THEIR EUROPEAN COUNTERPARTS?

Alan Gart, Edward M. Pierce

This paper examines the strategies and financial ratios of the largest U.S. and European banks. Why are bank profitability ratios in the U.S. and U.K. vastly superior to those in…

ATTITUDES ON RACE, CULTURE AND DISCRIMINATION IN MORTGAGE LENDING

Debby A. Lindsey

This study establishes a baseline for the mortgage industry's beliefs and attitudes about race, culture, and discrimination in mortgage banking and determines if these attitudes…

FORECASTING CORPORATE PERFORMANCE: VECM COMPARISON WITH OTHER TIME SERIES MODELS

Ali F. Darrat, M. Zhong, R.M. Shelor, R.N. Dickens

This study uses the Vector Error Correction Model (VECM) to forecast ex post changes in earning and stock prices of six major DOW companies as well as of the S&P 500 market index…

AN EMPIRICAL EXAMINATION OF THE LONG RUN MONETARY (EXCHANGE RATE) MODEL

Swarna D. Dutt, Dipak Ghosh

The monetary approach to long run exchange rate determination is reexamined for the Canadian — US dollar exchange rate. We first test for non‐stationarity, and then conduct a…

FACTORS AND THE PRICING OF IPO AFTERMARKET RETURNS

Allen D. Morton

This paper uses a multifactor logit model to analyze the aftermarket performance of randomly chosen IPO's in hot and cold markets. The theories of risk aversion and utility…

SOME RECENT INTERNATIONAL EVIDENCE ON THE DEMAND FOR MONEY

Bradley T. Ewing, James E. Payne

This paper examined the cointegrating properties of narrow money demand. Results suggest income and interest rate are sufficient for the formulation of a long‐run stable demand…

TESTS OF THE MAIZELS' HYPOTHESIS FOR LATIN AMERICAN COUNTRIES

Dipendra Sinha

Maizels hypothesizes that export provides more boosts for saving than the non‐export part of GDP. We use recent time series techniques of unit root and cointegration to test the…

AN EMPIRICAL INVESTIGATION OF THE COMOVEMENT BETWEEN STOCK MARKET INDEXES

Michael E. Parker, Tammy Rapp

The various stock market indexes are interrelated due to the similar fundamentals which determine the movement in the respective markets. Applying the efficient market hypothesis…