We examine the distribution of intradaily volatility of common stock returns of a portfolio (updated annually) of the 250 most actively traded stocks on the NYSE for the sample period 1983-92. Our results suggest that there was a shift in the distribution of return volatility around 1985-86:...

Do investors and issuers agree on the meaning and role of bond ratings? To answer this question, the CFOs of investor-owned utilities and a random sample of institutional fixed-income investors were both surveyed about their views of the major rating agencies. While the two groups shared some...

Large multinational companies (MNCs) were designed originally to be priced in only one stock market, namely that of the headquarters country. With financial signals coming from many national capital markets in which they operate, financial managers of MNCs have difficulty in making financial...

Australia has a progressive personal income tax schedule with a seemingly simple five rate structure (including a zero rate). Overlaying the statutory tax schedule are more than 40 offsets designed to reduce tax liability for certain taxpayers. These offsets add complexity to the tax system and...