This paper provides evidence that corporate working capital decisions are affected by the
industry/sector in which firms belong

This paper traces the historical developments of the efforts to find simple and accurate methods
of approximating an annuity's implicit yield and a bond's yield to maturity. It is shown that …

In a recent paper in this Journal Francis [3] has examined the intertemporal systematic cross
dependence between the monthly returns of securities and those of a market index. Based …

I, INTHODUCTION ||| he use of futures markets to reduce the risk of an underlying cash position
has long been recognized. If spot and futures prices move in a synchronous pattern, then …

When we estimate the systematic risk of a security we normally use the observed beta from
the characteristic line as the best estimator of true beta. In fact, this is only one of many …

In a recent paper in this REVIEW, Levhari and Levy (1977, p. 104) show that" the systematic
risk of defensive stocks tends to decline while that for aggressive stocks tends to increase …

This letter examines the relationship between the market price of risk (MPR) inferred from
the Capital Asset Pricing Model and the length T of the time interval over which securities' …

Ever since Markowitz introduced the concept of portfolio theory in 1952, one of the questions
predominant in the minds of financial theorists has been the constituency of the investor's …

In this paper Macauley's and Hicks' measure of duration is used to show that, for the CAPM,
the generally accepted empirical risk premium distorts the estimates of security beta …

… Hawawini and Ashok Vora Baruch College, City University of New York …