| Institution: | The author is from the Department of Accounting and Finance, Stockholm School of Economics, Sweden. The article is based on his Ph.D. dissertation. He wishes to thank his advisor, Professor Sven-Erik Johansson, for encouragement and advice. Also, he is grateful for many helpful comments by Professor Nils Hakansson (University of California, Berkeley), Matti Kinnunen and Eva Widhem. The computer programming for the project was executed by Matti Kinnunen and Eva Widhem. Financial support for the research was provided by Bankforskningsinstitutet and Carl-Berthel Nathhorsts Vetenskapliga Stiftelse. |
