This paper reports some tests of Scandinavian stock market indices. Firstly, Granger causality tests of daily Swedish, Norwegian, Danish and Finnish stock returns are performed. Secondly, the effects of world-wide returns on these four Scandinavian markets are analysed. Some causality between...

This paper reports an empirical investigation of the industry effects on the interrelationships between financial ratios. Factor and transformation analysis have been used for this purpose. The data used in the study consist of 74 failed and 74 "non-failed" firms from three industries....

A strong relationship between the firm's financial ratios and its security characteristics is observed when canonical correlation analysis is applied, rather than attempts to measure the volatile relationships between the individual variables. It is seen from a sample of 32 firms for the period...

This paper focuses on the long-term firm-specific determinants of stock returns. The main goal of the investigation is to show which of the financial characteristics of a firm its management should concentrate on, when maximizing the wealth of the common shareholders. It is found that...