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Journal of Economics and Finance
Publishes theoretical and empirical articles in the general areas of economics and finance.
Articles from Vol. 27, No. 3, Fall
A Note on Transfer Prices and Exchange Rate Pass-Through
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AbstractThe paper builds a model of a parent corporation selling an intermediate product to a foreign subsidiary. The model is used to explain the response of foreign prices to changes in the exchange rate between the country of the parent affiliate...
Client-Firm Market Reaction to Regulatory Action against a Major Accounting Firm
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AbstractThis study assesses the audit client firm share price reactions to a disclosure that the California State Board of Accountancy considered revoking Ernst & Young's (E&Y) license to practice in California due to alleged gross negligence...
Cross-Border Linkages among Asian Closed-End Funds
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AbstractThis study investigates the behavior of nine Asian closed-end country funds traded on the NYSE over the period 1990-2001. The results indicate that fund discounts follow a meanreverting process and, furthermore, display various crossborder patterns...
Intra-Industry and Inter-Country Effects of European Mergers
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AbstractWe empirically test the valuation effects of European M&A announcements on rivals within the target's country (infra-industry effects) and on other European rivals (intercountry effects), for the period of 1996 to 1999. We find evidence of...
Long-Term Performance of Divesting Firms and the Effect of Managerial Ownership
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AbstractWe study the long-term performance of firms that divest assets to assess whether gains arise from reducing agency costs. We find that divesting firms underperform control firms before the divestiture and outperform control firms following the...
Taxes, Time Diversification, and Asset Choice at Retirement
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AbstractThis study extends existing research by examining the effect of personal income taxes on the expected relative performance of asset classes as viewed from the retirement date. Results suggest that tax status does not affect the basic conclusions...
The Informational Content of Credit Rating Announcements for Share Prices in a Small Market
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AbstractThe informational value of credit ratings is a subject of continuing debate. This research examines whether reaction to small market credit rating announcements is different from large markets, due to limited information, liquidity premia, and...
The Role of U.S. Investors in International Equity Market Inflows, Outflows, and Net Flows for Selected Emerging Asian Markets
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AbstractThis paper investigates the relationship between international equity flows and returns in the eight largest emerging Asian markets from 1988 through March 2002. Both the feedback-trading hypothesis, which states that past returns affect flows,...
