Tests of serial correlation, and runs tests, are applied to net profit after tax, return on shareholders' funds, and earnings per share time series of 42 New Zealand listed public companies. The results are consistent with a “random walk†interpretation, and hence consistent with...

The efficient market hypothesis is an elegant economic concept which has been extensively researched. The results of the research are broadly supportive of the concept for developed and competitive securities markets. Yet many, perhaps even most corporate executives and investors have serious...

The purpose of our study is to assess the role of litigation risk in the stock price setting process in relation to the Securities and Exchange Commission (SEC) Exchange Act Rule 13a-14. We employ 12 June, the proposal of Rule 13a-14, and 27 June, the ruling of certification requirement, as...