The detection of unbiased abnormal returns in the classic event study depends on the validity of the assumption that the parameters of the return generating process remain constant throughout the sample period. However, given the substantial amount of evidence to support the fact that the market...

This paper examines the competitive bid problem as both an important type of financial analysis and as a tool that can help students gain a better understanding of the capital budgeting process. Since the problem can be formulated within the standard capital budgeting framework, it allows...

A computational procedure, Simulated Fictitious Play (SFP), is introduced to approximate equilibrium solutions for n-person, non-cooperative games with large strategy spaces. A variant of the iterative solution process fictitious play (FP), SFP is first demonstrated on several small n-person...