<heading id="h1" level="1" implicit="yes" format="display">Abstract</heading>We empirically examine Parkinson's range-based volatility estimate in the federal funds market, which is unique because institutional regulations create a predictable pattern in interday volatility. We find that range-based volatility estimates and standard deviations produce the...

We focus on market-making costs by examining the daily bid-ask spreads for off-the-run, one-month Treasury bills around two liquidity-changing events. Event one, Salomon Brothers' supply shock, results in a roughly 2.5-basis-point increase in the spread because of an increase in ask prices; and...

The literature contains two conflicting definitions of the on-the-run period for Treasury securities. We address the conflict by empirically examining the implications of the two definitions. We conclude that it is important that researchers clearly understand the implications of each...

Computers have become an important component of daily life, at work and home, with their quick processing ability helping us make informed decisions more quickly. The essays in this e-book discuss the effect of computers on business financial decisions, covering instant messenger, IPO's and the...

The State of Delaware recently passed a new banking law that allows banks and bank affiliates chartered in Delaware to sell and underwrite insurance nationwide. The new laws provide two potential benefits to banks; (1) increased profits from selling insurance and (2) reduced interest rate risk...

Purpose – The purpose of this paper is to detail how the adoption of enterprise resource planning (ERP) systems creates major distortions in the corporate decision‐making process. Design/methodology/approach – The approach is to focus on the distortion in the capital – budgeting process...

Purpose – The purpose of this paper is to provide a descriptive analysis of the role of computer usage in determining the credit score for small business owners. Design/methodology/approach – Bitler, Robb, and Wolken report over three‐quarters of all small business use computerized...