THE IMPORTANCE OF LIQUIDITY AS A FACTOR IN ASSET PRICING

We employ the Fama‐French time‐series regression approach to examine liquidity as a risk factor affecting stock returns. Prior studies establish liquidity as an important consideration in investment decisions. Here, liquidity is found to be an important factor affecting portfolio returns, even after the effects of market, size, book‐to‐market equity, and momentum are considered. Nonzero intercepts remain, however, indicating continued missing risk factors.     

Ethics and behavior on the Russian commodity exchange

With tumultuous changes occurring in the former Soviet Union, a unique opportunity exists to examine the implications of unethical behavior in what is,de facto, a totally unregulated market. Recent legalization of commodity trading in Moscow carried with it no legal structure to ensure swift compliance with contract terms. This paper demonstrates that in the absence of legal remedies, a free marketplace appropriately punishes unethical conduct.Michael A. Kolosov. Educated in engineering, Mr. Kolosov has published several articles in numerous trade and technical journals throughout the former Soviet Union. Currently, Mr. Kolosov is a floor trader for the Forum Brokerage Company on the Russian Commodity Exchange in Moscow.Deryl W. Martin. Dr. Martin has presented his research at several regional and national conferences, and has previously published in theJournal of Economics and Business, theJournal of Financial and Strategic Decisions, theJournal of Business and Economic Perspectives, and theJournal of Business Ethics. He is currently Assistant Professor of Finance at Tennessee Technological University in Cookeville, TN.Jeffrey H. Peterson. Dr. Peterson also has presented several papers at regional and national meetings and has published in theNew York State Economic Review and theJournal of Business Ethics. He is currently Assistant Professor of Finance at Saint Bonaventure University in Saint Bonaventure, NY.Direct knowledge of the first author is the primary source of information for this article. Though figures quoted in this paper were accurate when written, we regret that the rate of change in Commonwealth society outpaces our ability to relate timely market data.     

Competition in government and industry procurement contracting

This study explores government and industry procurement official's perception of inhibiting factor importance to competition in Federal contracting. Within the government sector as well as the industrial sector there are no significant differences in perceived factor importance. However, between the industry and government sectors significant differences in perceived factor importance do exist. The study also reveals some commonality of factors identified by both sectors as important inhibitors to competition.     

An Empirical Investigation into the Failure of First RepublicBank: Is There a Contagion Effect?

This study examines the presence of contagion effects associated with the failure of First RepublicBank. Banks are segregated on the basis of whether their stock price reactions are likely due to industry-based information effects or contagion effects. Also considered are announcements during the same period of time associated with Third World loans. Results fail to substantiate the presence of contagion effects.     

Causal attributions of product failure: An exploratory investigation

The primary purpose of this exploratory study was to investigate whether consumers make different product failure attributions for different products. The study was conducted within the general framework of of attribution theory. Using four common household products, three classes of potential causes of product failure were examined for a sample of 211 adult consumers within the context of a mail survey.