We investigate investor reaction to the arrival of unexpected information in Turkey from 1997 to 2004. Daily stock returns are used to test two behavioral hypotheses regarding investor reaction to news: The Overreaction Hypothesis (OH) and the Uncertain Information Hypothesis (UIH). We find no...

To evaluate the effects of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) of 1989 on the cost behaviour of thrift institutions, this study examines the economies of scale and scope of cooperative banks for the years 1992-94. The findings provide evidence of economies of...

This study investigates the January effect in US equity markets using three market indexes from 1964-1998: Dow Jones Composite, NYSE Composite and the SP500. Chow tests for structural stability indicate that the estimated parameters in an equation testing for monthly seasonal effects in the...