We investigate whether board independent directors mitigate firm’s securities litigation risks. We further analyze this inquiry with special attention to firm’s complexity, monitoring costs, and the relative benefits and costs of board independence. Separate and combined analyses of these...

We study the relative positions of M1 and M2 in light of their relationships with four U. S. equity exchanges: S&P500, Dow Jones Industrial, Nasdaq, and Wilshire 5000 composite. It is demonstrated that a long-term equilibrium relationship does indeed exist. Short-run dynamics are also considered...

The majority of resource-based developing countries finance a high percentage of their development efforts through extraction and export of nonrenewable natural resources. Though the extraction and export policies of these countries might be subject to noneconomic international causes and...

We investigate the effectiveness of a well-known global regulatory agency, the Basel Committee, on a major sector of the US financial market. The Basel Committee's recommendations are implemented in the US following a plan set forth by the Federal Banking Agencies (FBAs). The information content...

Employing a sample of stocks cross-listed and subsequently delisted from foreign markets, we examine the consequences of delisting to investors in terms of price, risk, and liquidity. We also provide a direct comparison between the firm's performance after a foreign cross-listing and after its...

This article examines the characteristics of key measures of volatility for different types of futures contracts to provide a better foundation for modeling volatility behavior and derivative values. Particular attention is focused on analyzing how different measures of volatility affect...

The frequently used approach to the comparison of two linear regression models is to use the partial F test. It is pointed out in this paper that the partial F test has in fact a naturally associated two-sided simultaneous confidence band, which is much more informative than the test itself. But...

Partial F tests play a central role in model selections in multiple linear regression models. This paper studies the partial F tests from the view point of simultaneous confidence bands. It first shows that there is a simultaneous confidence band associated naturally with a partial F test. This...