In this paper, the response of the market for hospital stocks to the episode of the Medicare Prospective Payment System (PPS) legislation and its resulting impact on the ability of hospitals to generate capital for expansion and growth are addressed. The response to PPS legislation is evaluated...

This study analyzes the weekend effect in the first half and the second half of the month and finds a weekend effect: Friday's returns are significantly greater than Monday's returns. However, the spread between Monday's and Friday's returns shifts between the first half and the second half of...

This paper extends a recent algorithm to calculate Macaulay's duration for the case of intraperiod coupon bounds. The extended algorithm overcomes errors introduced by bond-price formulae that incorrectly compound yields to maturity. These results simplify the computation of Macaulay's duration....