Exports and Economic Growth: Some Evidence from the GCC

International Advances in Economic Research -     

Retesting positive results in screening for colorectal cancer: a marginal analysis

In the context of screening for colorectal cancer, Neuhauser and Lewecki (1975) have questioned the wisdom of the use of repeated guaiac-based stool tests, arguing that the cost of investigating an asymptomatic population rapidly escalates out of all proportion to the incremental change in the number of cancers detected. This paper addresses a broadly similar problem but makes use of contemporary clinical data from the Nottingham screening trial. Three practicble investigation regimes are evaluated, in terms of the number of cancers detected and the total costs of investigation. It is concluded that, when compared with a regime of direct internal investigation, the appropriate combination of proliminarty guaiac-based stool tests can lead to substantial resource savings at only a small cost in terms of the number of cancers detected.     

Option volume and stock price behavior: Some evidence from the Chicago board options exchange

This study examines the relationship between selected Chicago Board Options Exchange option volume and underlying stock prices using intraday data for the period January 3, 1989 to January 31, 1989. The data were prefiltered and aggregated into 15-minute intervals. Causality tests were performed using Granger's method. The test results indicate that the option volume-stock price relationship is largely characterized by feedback, with option volume causing stock price changes and vice versa. The evidence also suggests that the relationship only persists for very short time periods, with little or no opportunity for market participants to devise profitable trading strategies utilizing one market's information in the other market. Data for the study were generously provided by Itzhak Krinsky and Jason Lee of the DeGroote School.     

OPTIONS LISTING, MARKET LIQUIDITY AND STOCK BEHAVIOUR: SOME CANADIAN EVIDENCE

This study examines the price behaviour, trading volume and liquidity of stocks in the Canadian market at the time of options listing. Unlike some studies examining similar effects in the United States, the present one finds no evidence to indicate that either daily return volatility or trading volume is affected by the listing. Similarly, liquidity, as measured by the bid-ask spread, is unaffected. At the same time, cross-sectional tests indicate an inverse relationship between before-to-after trading volume and the before-to-after bid-ask spread.