Intra-industry information transfers associated with earnings releases

The impact that a firm's earnings releases have on the stock prices of other firms in its industry is examined. For an identifiable sub-set of firms, the results are consistent with a significant information transfer occurring between the earnings release firm and the other firms in its industry. This subset is identified by examining the impact of the release on the stock price of the announcing firm. The magnitude of this impact is more significant for a sample of firms which have a larger percentage of their revenues in the same line of business as the earnings release firm vis-á-vis a sample with a lower percentage of their revenues from the same line of business. Alternative interpretations of the empirical results are also discussed. The research findings have implications for information content and market efficiency research and for research on policy issues associated with disclosure regulation.     

CAUSALITY TESTS OF SHORT SALES ON THE NEW YORK STOCK EXCHANGE

Published statistics on short sales of stock are used by investors as a technical indicator of market timing. Research on this topic is mixed. Findings in this article rely on causality tests that use white noise residuals generated from time-series analysis of short sales. Results indicate that specialists' short sales lead short sales of other investors, but these other investors are unable to take advantage of the information because a time lag exists in the published data.     

Consumer discrimination and the firm's demand for black labor

This paper analyzes the firm's demand for labor in markets characterized by racial prejudice on the part of consumers. It is seen that the consumer discrimination concept leads to empirically testable implications regarding employment policies of firms. Moreover, unlike previous models of taste discrimination, it is found that racial discrimination need not be unprofitable; will not result in segregation of workers; and will not yield wage equality between black and white workers.     

Workers' co-operatives in Denmark

The paper describes the growth and organization of workers' production co-operatives in Denmark. Various theoretical propositions concerning workers' co-operatives are tested empirically. All these propositions entail comparisons between co-operatives and conventional firms in the same industry and are concerned with firms' lifespans, scale elasticities, factor intensities and productivity. In the light of empirical findings the paper briefly discusses the applicability to workers' co-operatives of the theory of labour-managed firms.     

Income effects in quality-quantity models

The theorems on quality-quantity interactions well known in the fertility literature generally hold even when all goods in the utility function have a quality component. Although the results in this paper are presented in terms of the quality-quantity framework, it is clear that they can be applied to any problem in which the constraint is multiplicative in the variables.     

Rezensionen

Ohne Zusammenfassung