Journal of Economics and Finance

Publishes theoretical and empirical articles in the general areas of economics and finance. 

Articles from Vol. 28, No. 3, Fall

Has a Quarter-Trillion-Dollar Settlement Helped the Tobacco Industry?
AbstractThis paper builds on a growing body of literature analyzing the economic effects of the so-called Master Settlement Agreement (MSA) between the "big four" tobacco companies and the State Attorneys General. Because the marginal cost imposed by...
International Patterns of Cigarette Smoking and Global Antismoking Policies
AbstractThis paper provides a recent look at global smoking trends across population subgroups for a large sample of countries. Attention to international aspects has been scarce in the literature. The prevalence of various smoking control policies across...
Marital Status and the Decision to File for Personal Bankruptcy: A Duration Model Approach
AbstractThis paper examines how changes in marital status and the length of time in current marital status affect the probability of filing for personal bankruptcy. The results show that the probability of filing differs significantly by marital status....
Market Portfolio Efficiency and Value Stocks
AbstractIn this journal, Best, Best, and Yoder (2000) recently demonstrated that portfolios of U.S. value stocks dominate portfolios of U.S. growth stocks in terms of second-order stochastic dominance (SSD). We cannot conclude from this finding that...
New Developments in Tobacco Research: An Introduction
Interest in the causes and effects of tobacco use has grown in the past two decades as information regarding the health consequences of smoking has come to light and better data have become available. In economics parlance, both demand and supply forces...
Ownership Structure and Post-Issue Operating Performance of Firms Conducting Seasoned Equity Offerings in Thailand
AbstractThis paper investigates the post-issue operating performance of companies that conducted seasoned equity offerings (SEO) in the Stock Exchange of Thailand (SET) during the period 1991 to 1994. It is documented that SEO firms exhibited declining...
Quantile-Regression Estimates of Cigarette Demand Elasticities for the United States
AbstractUsing a simple model and state-level cross-section U.S. data from 1993 to 1999, quantile-regression estimates of price elasticity and income elasticity for cigarette demand are obtained. It is noted that price elasticity shows a sizable variation...
State Tax Changes and Quasi-Experimental Price Elasticities of U.S. Cigarette Demand: An Update
AbstractThis paper uses 336 state tax changes across the U.S. spanning 42 years (1956-1997) to provide an updated look at the quasi-experimental price elasticities of cigarette demand. It also studies the sensitivity of these elasticity estimates to...
The Efficacy of State-Level Antismoking Laws: Demand and Supply Considerations
AbstractUtilizing published ratings of state-level antismoking laws, this paper addresses the merits of limits to smoking in public places and restrictions on youth access to tobacco. Consistent with the literature, we find that clean indoor-air laws...
The Impact of Nicotine Replacement Therapies on Cigarette Demand
AbstractOver the past 20 years, several nicotine replacement therapies (NRTs) have been approved for use as smoking cessation aids, with over-the-counter use of these products approved beginning in 1996. To date, only one econometric study has examined...
The Impact of the Gramm-Leach-Bliley Act on the Financial Services Industry
AbstractThis paper examines the impact of Gramm-Leach-Bliley Act across three main sectors of the financial services industry: commercial banks, insurance companies, and brokerage firms, taking account of the wealth effect associated with the announcement....