| Institution: | The authors are Professors of Finance at the University of Rhode Island. They would like to thank the participants of the Fourth Annual PACAP Finance Conference held in Hong Kong in June 1992 and the Financial Management Association Meetings held in Toronto, Canada in October 1993 for their comments. In particular, they are grateful to Robert Conroy, John Howe, and Katrina F. Sherrerd for their valuable inputs on an earlier version of this paper. They have also benefitted from numerous suggestions from the anonymous referee and the editor in revising this paper. |
