This study investigates the usefulness of auditors' opinions, market factors, macroeconomic factors, and industry factors in predicting financial distress of Taiwanese firms. Specifically, two non-traditional auditors' opinions are evaluated: "long-term investment audited by other auditors"...

Firms with higher board independence, smaller boards, and lower expected managerial entrenchment, have lower cash holdings. We find that the positive association between cash holdings and managerial entrenchment is mitigated by stronger board structures. Specifically, in firms with higher...

The unified beta theory of Connor (1984) requires that the market portfolio be well diversified in a given factor structure. Wei (1988) extended Connor's results without relying on this assumption. This note provides an alternative to Wei's result by assuming that residuals from the projection...

The main purpose of this paper is to evaluate small- and medium-sized display market forecasts made by a market research firm. Hypotheses concerning the relationship between stages of technology development and the accuracy of market forecasts are first developed. The hypotheses are then tested...

In this survey article, after delineating its historical origin of the Efficient Market Hypothesis (EMH), the authors summarize from the methodological perspective the empirical findings from 1960s through 1990s bearing on the EMH under the headings "supporting empirical findings as documented...

No abstract received.

No abstract received.

Equity mutual fund data from 1976-93 is used to test hypotheses that distinguish window dressing from performance hedging. No significant difference is found pre/post 1983 in the number of funds choosing non-December fiscal year ends or in the percentage of dollars invested when comparing...