Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information

The arrival of public information in the U.S. Treasury market sets off a two-stage adjustment process for prices, trading volume, and bid-ask spreads. In a brief first stage, the release of a major macroeconomic announcement induces a sharp and nearly instantaneous price change with a reduction in trading volume, demonstrating that price reactions to public information do not require trading. The spread widens dramatically at announcement, evidently driven by inventory control concerns. In a prolonged second stage, trading volume surges, price volatility persists, and spreads remain moderately wide as investors trade to reconcile residual differences in their private views.     

Information Leakage Prior to Company Issued Guidance

We find that information leakages prior to public guidance issued by company management exist even after Regulation Fair Disclosure (FD), and are more pronounced when characteristics of the firm, the guidance, or the industry reflect higher levels of information asymmetry. Since public guidance is only partially leaked, this information leakage can be used to anticipate the information content of the impending public guidance. We simulate a trading strategy based on the preguidance leakage in the period after Regulation FD, which suggests that information leakage is an effective signal of the information content within impending public guidance.     

Testing the validity of responses to contingent valuation questioning

One way of assessing the validity of results generated through the application of the Contingent Valuation Method (CVM) is through the analysis of response sensitivity to factors expected to have an influence. Scope testing involves presenting at least two alternative impact scenarios to population sub-samples and testing for differences between the estimates generated. Most applications of the CVM in Australia have not involved scope testing and those that have yielded mixed results. These studies are reviewed. The results of scope sensitivity and other validity tests are presented for a study aimed at estimating the value of environmental damage caused by dryland salinity in the Upper South East of South Australia.     

Computer knowledge and earnings: evidence for Australia

This paper uses data on wage and salary workers in Australia in 1993 to examine the relation between computer knowledge and earnings. A unique feature of the data set that is used is detailed information on the types and levels of computer skills possessed by individual workers. The main objectives of the study are to contribute to understanding the magnitude and sources of the relation between computer knowledge and earnings. Similar to existing research it is found that there is a large and significant return to computer knowledge, but that the magnitude of the return is substantially reduced in regressions that include detailed occupation controls. Using the detailed information on workers’ computer skills the main finding is that earnings are significantly positively related to the number of types of skills and average level of skills possessed by a worker.     

不断提高营销绩效——评测并报告营销状态

一直以来，营销流程很难进行管理。由于缺少更好的管理系统，营销组织只能通过拼凑销售、营销调查、杂乱的消费数据以及其他零散数据掌握（他们想象中的）发生的情况。在日常运营方面，营销高管难以根据战略和目标，最终针对企业财务绩效实现营销活动与资源的统一。无法建立营销团队责任制，也不能轻松了解和改进营销活动的效果。这种状况已发生转变，营销组织采用MPM技术通过单一完整的营销框架为决策人员提供分析洞察结果。     

SPLIT RATINGS,BOND YIELDS,AND UNDERWRITER SPREADS

A split bond rating occurs when Moody's and Standard & Poor give different ratings to the same issue. We examine 1,277 public industrial bond issues, where 221 have split ratings, issued from 1980 through mid-1993. For split-rated industrial bonds, neither rating agency consistently gives higher ratings. Earlier studies find yields for split-rated bonds to be priced as either the higher or the lower of the ratings. We find the yields on split-rated bonds to be an average of the yields on the two ratings. Split ratings for industrial bonds appear to reflect random differences on the part of rating agencies. Our results differ from previous studies because we use a substantially larger sample and include high-yield bonds. As long as a bond has an investment-grade rating, the underwriter fees are found to be essentially the same for all rating categories. Below investment grade, the rating substantially affects the underwriter fee. Thus, split ratings for high-yield bonds have an important effect on the underwriter spread.     

British and French shipbuilding: the industrial relations of decline

The merchant shipbuilding industry in Western Europe has been unable to withstand the pressure of overwhelming international competition. This article examines and contrasts the varying consequences of decline for the British and French industries.     

Cellular phone etiquette among college students

There has been tremendous growth in the cellular telephone industry in recent years. This evolving technology has given rise to concerns over the social rules of etiquette governing cellphone usage behaviour. The present study was undertaken to better understand the perceptions of cellphone usage propriety among one of the most important target markets for cellphone products – young adults attending college. Data were collected from a total of 383 cellphone consumers residing in geographically diverse regions of the United States. Overall, the results indicated a high degree of agreement among respondents as to appropriate and inappropriate situations for cellphone usage. Respondents considered inappropriate situations for cellphone usage to include during worship/church, during class, in a library and in a movie theatre during a movie. Respondents considered it to be appropriate to use cellphones while on public transportation, in a supermarket, and to use a hands‐free set while driving. Specific differences were found as a function of geographic regions, gender and employment status.     

Airline Schedule Recovery after Airport Closures: Empirical Evidence since September 11

Since the September 11, 2001, terrorist attacks, repeated airport closures due to security breaches have imposed substantial costs on travelers, airlines, and government agencies in terms of flight delays and cancellations. Using data from the year following September 11, this study examines how airlines recover flight schedules upon reopening of airports that have been closed for security reasons. As such, this is the first study to empirically examine service quality during irregular airport operations. Our results indicate that economic considerations, particularly the potential revenue per flight, have predictable effects on service quality following airport closures. Airport concentration, hub destination, and various logistical factors also significantly influence flight outcomes.