The Journal of Business and Economic Studies

Articles

Vol. 20, No. 1, Spring

IPOs, Operating Activities, and IPO Underperformance
(ProQuest: ... denotes formulae omitted.)IntroductionThis paper examines the relation between the operating activities of newly public firms and post-IPO underperformance. IPO underperformance is one of the most widely studied new issues puzzle. Prior...
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The Bank Lending Channel and Monetary Policy Rules: The Role of the Binding Zero Lower Bound
(ProQuest: ... denotes formulae omitted.)IntroductionThe monetary transmission mechanism includes various channels through which the monetary authorities can affect the macroeconomy. One of the channels includes the credit mechanism. The credit channel...
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Supply Shocks and Real Exchange Rate Volatility in a Small Open Economy
(ProQuest: ... denotes formulae omitted.)IntroductionIn a well-known study, Engel (1999) divided real exchange rate fluctuations into changes in the relative price between traded and non-traded goods in each country and deviations from purchasing power...
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Arbitrage in International Markets
(ProQuest: ... denotes formulae omitted.)IntroductionConsider a model with two equity markets, home and foreign, each arbitrage free and endowed with an investor. There are no barriers to financial trade between markets, no taxes or transaction costs....
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On the Stability of Okun's Law: Evidence from the Great Recession of 2007-2009
(ProQuest: ... denotes formulae omitted.)IntroductionWith the persistent high unemployment rate following the 2007-09 Great Recession, it is important to reexamine the relationship between the change in the unemployment rate and the output growth. Arthur...
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Vol. 19, No. 1, Spring

The Effects of Codes of Ethics on the Supply Chain: A Comparison of LEs and SMEs
AbstractThis paper focuses on comparing the experiences of Large Enterprises (LEs) and Small and Medium Enterprises (SMEs) in the U.S. to determine whether codes of ethics have (a) created ethical environments that lead to good behaviors, (b) been shared...
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From the Editor-in-Chief
This edition of the Journal continues the fulfillment of its mission of providing multidisciplinary research pertaining to business and economics as well as supporting the goals of the Northeast Business & Economics Association. This issue has a...
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Privatization in Greece and Its Negative Effects on the Nation's Social Welfare (Expropriation of the National Wealth)
AbstractThe objective of this paper is to present and discuss the pros and cons of an imposed privatization (transferring the ownership and management of state-owned enterprises to private firms) in Greece and its effect on the economy, financial markets,...
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Strategic Asset Allocation and Markov Regime Switch with GARCH
AbstractDuring the financial crisis of 2008, the S&P 500 Implied Volatility Index (VIX), known as the "fear gauged," jumped to 80% of the highest level it has ever reached. Portfolio managers faced tremendous pressures in these environments of such...
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Volatility Dynamics and Volatility Forecasts of Equity Returns in BRIC Countries
AbstractThis paper examines the salient features of equity price indices and returns of four emerging markets, Brazil, Russia, India, and China (BRICs), and also generates out-of-sample forecasts of conditional volatility of equity returns in each of...
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Is the Real U.S. Dollar Exchange Rate Neutral?
AbstractThis paper investigates the dynamic effects of the real U.S. dollar exchange rate on several macroeconomic aggregates for the United States. The literature on exchange rates suggests various scenarios for this nexus. One thesis is that the exchange...
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Old Wine in New Bottles: Are Carbon Tariffs International Trade Barriers? an Empirical Study of the Impact of Carbon Tariffs on Chinese Agricultural Products
AbstractThis paper explains the reason for and the significance of carbon tariffs. It discusses the effects of carbon tariffs on agricultural trade: reduction of export volume, increase in export prices, decline in domestic output, deterioration of trade...
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Strategy and Economics in the United States and Israel: A Millennial Perspective
AbstractStrategy formulation is a critical process for organizations in the private sector as well as in the public sector. For a democratic government to formulate strategic policy, the needs and wishes of the electorate require consideration. This...
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Vol. 18, No. 2, Fall

From the Editor-in-Chief
This edition of the Journal continues the fulfillment of its mission of providing multidisciplinary research pertaining to business and economics as well as supporting the goals of the Northeast Business & Economics Association. This issue has a...
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Power in the Corporate Boardroom: A New Dimension in Measuring Board Power
AbstractThis study focused on the development of a new measure of board of director power. Many studies have been conducted on the individual elements of board power. However, the empirical results have been inconsistent and mixed. The fundamental perspective...
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Discretionary Accruals, Insider Trades, and the Break of Good Earnings Strings
AbstractThis study examined firms' earnings management behavior in relation to insider trades. Focus was on a particular sample of firms that have had a sudden "break" (defined as missing quarterly analysts' earnings forecast) after enjoying a long string...
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The Probability of Exercise Implied in Option Spreads
AbstractIn considering an option strategy, both hedgers and speculators consider the likelihood that a particular option will finish in the money. This probability, while not directly observable, is a major factor in assessing the merits of an option...
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Variance Ratios, Structural Breaks and Non-Random Walk Behaviour in the Indian Stock Returns
AbstractThe paper investigated the issue of behaviour of stock returns in India. A non-parametric variance ratio test is used to examine the issue. Largely, the results indicated non-random walk behaviour of the Indian stock market. However, the sub-sample...
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Investor Underreaction to Earnings Surprises and Overreaction to Product News in the Drug Industry
AbstractPrior studies documented that stock prices continue to drift in the direction of the initial shock of an earnings surprise for a period of between 3-12 months. This post-earningsannouncement drift (PEAD) represents a seminal finding of apparent...
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Vol. 18, No. 1, Spring

From the Editor-in-Chief
This edition of the Journal continues the fulfillment of its mission of providing multidisciplinary research pertaining to business and economics as well as supporting the goals of the Northeast Business & Economics Association. This issue has a...
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A Framework Development Process to Integrate Cultural Value Dimensions in a Managerial Decision Making Context
AbstractWith the need for a mid-level contextualizing culture theory as the objective, this paper was to develop a framework integrating national culture value dimensions in a managerial strategic decision making context. The framework development process...
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Stock Option and Cash Compensation of Independent Directors and Likelihood of Fraudulent Financial Reporting
AbstractThis study focused on fraudulent financial reporting, one of the most serious forms of corporate governance failure, and investigated whether there is an association between the likelihood of fraud, and independent directors' stock-option and...
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Forecasting Inflation for Inflation-Targeted Countries: A Comparison of the Predictive Performance of Alternative Inflation Forecasting Models
AbstractTwenty-six industrialized and emerging countries have adopted inflation targeting monetary policy since 1990 to contain escalating inflation rate. If both the level and volatility of inflation rate have diminished perceptibly for these countries...
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Antitakeover Protection and R&D Expenditure
AbstractExisting literature offers conflicting viewpoints and inconclusive evidence on the role of antitakeover protection on R&D expenditure. We add to the existing pool of literature by once again examining the association between antitakeover...
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Policy-Related Factors on the Relationship between Financial Sector Development and Economic Growth: Evidence from Advanced Countries
AbstractPolicymakers are interested in promoting economic growth and learning how financial sector development (FSD) can accelerate the process. This study conducted a panel analysis for developed countries from 1995-2003 to examine whether these policy-related...
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