The advertising effect of university athletic success: A reappraisal of the evidence

In a 1987 article appearing in the Journal of Political Economy, R.E. McCormick and M. Tinsley argued that curtailment of university athletic programs could harm academic programs by reducing average freshman SAT scores. This study uses recent data and an improved specification to provide evidence that successful athletic participation does not provide measurable academic benefits to the university. In fact, evidence is provided that a university's policy regarding admissions standards primarily determines the average level of freshman SAT scores.     

INSTITUTIONAL TRADING AND SECURITY PRICES: THE CASE OF CHANGES IN THE COMPOSITION OF THE S&P 500 INDEX

This paper examines the common stock valuation and liquidity effects of firms being added to and deleted from the S&P 500 Index. Three potential pricing and trading volume hypotheses are discussed and tested—an Information Content Hypothesis (ICH), a Price Pressure Hypothesis (PPH), and a Liquidity Cost Hypothesis (LCH). The empirical findings indicate that firms being added to (deleted from) the S&P 500 Index over the 1977 to 1983 period experience positive (negative) abnormal common stock returns on the day following the addition. An analysis of common stock liquidity around additions to the Index reveals that while relative trading activity increases in the month of addition, it actually declines in subsequent months. The valuation and liquidity results are consistent to some degree with both the PPH and the LCH and are most likely due to index fund managers adjusting their holdings to reflect changes in the Index.     

VALUATION OF PRIMARY ISSUE CONVERTIBLE BONDS

Little empirical evidence is available on the nature of the trade-offs between the debt- and equity-like components of convertible bonds. Such information would be useful to firms considering the issuance of convertible bonds. Furthermore, complete understanding of the leverage implications of convertible bond issuance depends on the market's view of the proportions of the implicit debt/equity mix. The current study develops a two-equation model that estimates the relative contributions made to the value of primary issue convertible bonds by the debt and implicit warrant components. The model's distinct approach affords an opportunity to evaluate the empirical relationship between the value of the implicit warrant and the theoretical determinants of that value by isolating the individual components of the convertible bond's value.     

Competitiveness in the Canadian Food Industry

Concerns about competitiveness in the Canadian food industry have generated a number of studies, inquiries and other initiatives on the subject. This paper examines the concept and measurement of competitiveness, the findings of several studies and some of the methodological issues involved in analyzing this phenomenon. While there is general agreement that the concept has most relevance at the level of the firm where it can be described as “the ability to profitably gain and maintain market share,” it has been applied mostly at the industry and country levels where there is less agreement on measurement and interpretation. This is reflected by a remarkable lack of consensus among studies of the Canadian food industry. The methodological issues most in need of being resolved are those relating to appropriate measurement and the relationship between strategic behaviour of firms and the determinants of competitiveness as found in the environment of firms Plusieurs études ont été réalisées sur la compétitivité de l'industrie agro-alimentaire canadi-ennne. Ce papier a pour but i) d'énumérer et de commenter les définitions et mesures de compétitivité couramment utilisées, ii) de synthétiser les aspects méthodologiques et résultats d'études antérieures, iii) de discuter des implications de la réglementation sur I'inocuité des aliments sur la compétitivité. Il semble y avoir concensus sur la pertinenence du concept de compétitivité au niveau de la firme. Malheureusement, la majorité des études ont analysé la compétitivité aux niveaux des industries ou des pays pour lesquels l'interprétation des résultats et les mesures sont sujet à controverse. Les résultats de ces études sont en général contradic-toires, Il nous apparait primordial d'améliorer les mesures de compétitivité de façon à mieux capturer le comportement stratégique des firmes et les caractéristiques de l'environnement dans lequel elles opérent     

Echoes of Henry George in Modern Analysis

A bstract .   These comments were prepared in response to the session "Echoes of Henry George in Modern Analysis" presented at the 2002 meetings of the Southern Economic Association. Professor Holcombe prepared his comments at this journal's request at a later time.     

THE INFORMATION CONTENT OF DIVIDEND CHANGES

In this study, the open empirical question as to whether or not dividends contain information is investigated. The study involves 200 stocks and 376 dividend announcements over the 1971 to 1977 period; measures of unexpected dividends are related to measures of abnormal returns for dividend changing stocks. This study is important for three reasons:

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