This study shows that shocks to firm’s returns affect direct customers more than direct suppliers. However, indirect customers and indirect suppliers are affected by an economically similar magnitude. This finding casts doubt on the propagation of supply shocks downstream only

This paper gives an overview of some issues related to market valuation, focusing on the developments on the New York equity markets. The 42.4 p.c. fall in the S&P 500 price index between 24 March 2000 - when it reached its all-time high - and 31 December 2002 is situated in a very long term...