The Reversal of the Monday Effect: New Evidence from US Equity Markets

This article re-examines the Monday effect in the US stock market from 1964–1999 using daily returns from three large-cap indexes and two small-cap indexes. In the period before 1987, Monday returns are significantly negative in all five US stock indexes, confirming previous empirical findings. In the post-1987 period, we uncover a significant reversal of the Monday effect in the large-cap indexes (NYSE, S&38;P500 and DJCOMP), since Monday returns are significantly positive. Furthermore, significant differences in the persistence and reversal of the Monday effect are found between large-cap and small-cap stock indexes.     

Vertical equilibrium in a competitive input market

Imperfect competition, imperfect information, disequilibrium, and rationing all induce vertical integration in relatively straightforward ways. But can vertical integration arise when firms are competitive and markets clear rapidly? This paper demonstrates that a vertical equilibrium can be generated when the intermediate market is subject to external fluctuations and when there are economies of coordination for firms which avoid the market via integration. The vertical equilibrium is one in which some firms will be integrated while some will not, despite the fact that all firms are identical. Thus, one need not conclude that differential degrees of integration within industries are the result of differing circumstances among firms.     

A Research Note on Discrimination in Mortgage Lending

This paper examines the hypothesis that mortgage lenders rank applications from better to worst and encourage the better ones to apply. A second ranking occurs when the application is ranked by the loan committee and funds are approved from the top of the list until exhausted. A theoretically correct procedure for analyzing the resulting multivariate ordinal data is the little known rank multiple discriminant analysis. Preliminary results have revealed that this technique produces a "best" model with fewer variables and a higher classification rate than the commonly known multiple discriminant analysis, logit, or probit.     

Structuring financial statement analysis projects to enhance critical thinking skills development

This paper documents a method of structuring financial statement analysis projects to enhance the development of students’ critical thinking skills. The project is structured in a cooperative learning framework in which a student accesses financial statement information from the World Wide Web, performs a financial statement analysis, and then engages in an exercise with other students who have analyzed firms in the same industry. Both the individual and team phases of the project offer opportunities for students to develop several important critical thinking skills.     

Tacit Collusion in Price‐Setting Duopoly Markets: Experimental Evidence with Complements and Substitutes

We study the effect of demand structure on the ability of subjects to tacitly collude on prices by considering Bertrand substitutes and Bertrand complements. We find evidence of collusion in the complements treatment, but no such evidence is found in the substitutes treatment. This finding is somewhat in contrast with a previous study that observes tacit collusion in two treatments with similar underlying demand structures but with no market framing.     

Substance Abuse Treatment and Motor Vehicle Fatalities

The danger of alcohol‐ and drug‐impaired driving implies that policies that reduce substance abuse can save lives. We study this issue in small U.S. counties where access to substance abuse treatment can be measured directly through the presence of treatment facilities. We find that placing an additional treatment clinic in a county reduces the number of alcohol‐related motor vehicle fatalities by 15%. An additional outpatient clinic, which specializes in treating the local population, reduces the overall number of alcohol‐related deaths by 26%. In the counties that we study, this reduction in alcohol‐related accidents saves 0.66 lives per county per year.     

摒弃“年度”绩效考核

正年度绩效考核的目标之一是总结过去一年的表现,激励员工做好来年的工作。不幸的是,一年一度的绩效考核的效果往往事与愿违。虽然它的初衷是鼓励团队成员努力做好今后的工作,可是结果往往让员工感觉不被认可、不受重视,甚至灰心丧气。管理层则把绩效考核看做是一项强加的负担,让人感觉压力重重,毫无成就感可言。无论被考核的对象是谁,年度考核总是给人带来压力和紧张情绪,让人心生不满。那么,企业的领导者应该怎么做呢?对于大型企业而言,绩效考核可能