problem of how to make rational choices among strategies in situations involving uncertainty.
Such choices can be expressed through payout matrices stated in terms of some measure …

370 The Journal of Finance deviations (WISDs) are used as the basis for many of the empirical
tests in this paper. Specifically (a) we explore the usefulness of the WISD in reducing risk …

The purpose of this paper is to reexamine Reinganum's study which indicates that abnormal
returns could not be earned unexpected quarterly earnings information, and to document …

A RECENT ARTICLE IN this journal [5] measured the informational content of quarterly
earnings reports and the effects of this information on stock prices. The empirical evidence …

Studying size and serial correlation effects, the authors examine why portfolios selected on
the basis of standardized unexpected earnings (SUEs) exhibit excess returns. Results of the …

Wn= J7JRnj (1.2) j= 1 where j is a state of nature representing the occurrence of a specific
return on the portfolio and this return is raised to a power (ni) which represents the number of …

We use three month holding period returns (HPR) to measure stock price changes and
hypothesize that there is a significant cross-section relationship between SUE and HPR. That is, …

ANALYSES of ex post security price data have in general been concerned with (1) the behavior
of stock market prices [2, 5, 9, 12],(2) evaluation of portfolio selection models [1, 8, 10, 11]…

T HIS paper is concerned with the interrela-tions of cash balances, that is, demand de-posits
adjusted plus currency in circulation (M), national income in current dollars (Y), and long-…

PpT HIS paper is a review of the relationship between income velocity (and its reciprocal-proportionate
cash balances) and longterm high-grade interest rates, first stated in an article …