The literature on income smoothing focuses on the effect of earnings smoothing on the equity market. This paper investigates the effect of income smoothing on the debt market. Using the Tucker-Zarowin (TZ) statistic of income smoothing, we find that firms with higher income smoothing rankings...

This study examines factors affecting stock index spot versus futures pricing and arbitrage opportunities by using the S&P 500 cash index and the S&P 500 Standard and Poor's Depository Receipt (SPDR) Exchange‐Traded Fund (ETF) as “underlying cash assets.” Potential limits to arbitrage when...

Existing literature on income smoothing primarily focuses on the effect of earnings smoothing on the equity market. This paper investigates the effect of income smoothing on the debt market. Using the Tucker-Zarowin (TZ) statistic of income smoothing, we find that firms with higher income...

We assess the bond market response to the Bear Stearns rescue in March 2008 and the Lehman Brothers failure (combined with news about the acquisition of Merrill Lynch and AIG's investment banking problems and subsequent rescue) in September 2008. The Bear Stearns rescue elicited a moderately...

Growing deer populations are controlled through changes in hunting regulations including changes in both hunter bag limits and season length. Such action results in direct benefits to hunters and indirect benefits to motorists and the agricultural sector as a lower deer population leads to fewer...

The potential importance of congestion effects on the management and rationing of recreational facilities and services in the presence of heterogeneous preferences were highlighted nearly twenty-five years ago by Freeman and Haveman (1977). While there have been a number of theoretical models...

The potential importance of congestion effects on the management and rationing of recreational facilities and services in the presence of heterogeneous preferences were highlighted nearly twenty-five years ago by Freeman and Haveman (1977). While there have been a number of theoretical models...

The costs of deer-vehicle collisions (DVCs) nationwide are estimated to be in excess of $1 billion annually. In this study, factors contributing to the abundance of DVCs are identified and the potential effectiveness of various deer management strategies in reducing DVCs is investigated. The...