CEO duality,succession-planning and agency theory: research agenda

In response to Harris and Helfat's commentary on our article, ‘One hat too many: Key executive plurality and shareholder wealth,’ we suggest that their arguments are quite plausible, but we believe further empirical tests are needed. These proposed tests are described in our response. © 1998 John Wiley & Sons, Ltd.     

Instant‐count sampling: A technique for estimating recreation use in municipal settings

Instant‐count sampling was tested on four municipal recreation areas in Athens, Georgia. Users were counted instantaneously on the areas at randomly selected times. From these counts, estimates of use and standard errors were achieved with a minimum of sampling time required. Errors ranged from 10.2 to 37.8 percent of estimated use and did not exceed 23.6 percent for total use.     

Calendar Effects on the Amsterdam Stock Exchange

For daily data on a value-weighted index of all shares in the Netherlands (1981-1998), we find abnormally high returns in the pre-Christmas period of the second half of December and around the turn of the month, whereas returns are negative and volatility is relatively high on the Mondays where the previous week's return is below zero. Furthermore, our evidence indicates the presence of an ARCH(1) effect. Our intraday results based on an equal-weighted index of the leading shares in the Netherlands (1986-1993) reveal a U-shaped return pattern over each trading day, Monday morning excluded. Moreover, our tests reveal repeated price adjustments mostly in the same direction around and over non-trading periods. We argue that the arrival of private information is affected by strategic and behavioral factors incompatible with the risk-return paradigm.