Do external finance constraints affect the timing of large investment projects? Simulations of a model with fixed capital-stock adjustment costs establish the hypothesis that external finance constraints lower a firm's investment hazard: the probability of undertaking a large project today as a function of the time since the last project. Hazard model… (More)
for their comments and suggestions. We are also most grateful to the referee for his or her helpful insights and suggestions. All errors remain ours. Abstract This paper models quote setting and price formation in a non-intermediated, order driven market where trading occurs because investors differ in their share valuations and the advent of news that is… (More)
provided valuable institutional detail, and for this we are deeply indebted. In March 1998, the Mexican Stock Exchange solicited our paper to give us their comments, but no comments have been received so far. Any remaining errors in this paper are our own.
Abnormal returns to rivals of acquisition targets: A test of the &acquisition probability hypothesis' Abstract We develop and test the Acquisition Probability Hypothesis, which asserts that rivals of initial acquisition targets earn abnormal returns because of the increased probability that they will be targets themselves. On average, rival "rms earn… (More)
We present the results of a two-year long optical monitoring program of the narrow-line Seyfert 1 galaxy Akn 564. The majority of this monitoring project was also covered by X-ray observations (RXTE) and for a period of ∼ 50 days, we observed the galaxy in UV (HST) and X-rays (RXTE & ASCA) simultaneously with the ground-based observations. Rapid and… (More)
We find that trading-versus nontrading-period variance ratios in weather-sensitive markets are lower than those in the equity market and higher than those in the currency market. The variance ratios are also substantially lower during periods of the year when prices are most sensitive to the weather. Moreover, the comovement of returns and volatilities for… (More)
INTRODUCTION The objective of this study was to investigate the clinical features of depression in Asian patients. METHODS It was a cross-sectional, observational study of depression in China, Korea, Malaysia, Singapore, Taiwan, and Thailand. Participants were drug-free outpatients with depressed mood and/or anhedonia. Symptoms and clinical features were… (More)
BACKGROUND The comparative efficacy of selective serotonin reuptake inhibitors (SSRIs) and serotonin-norepinephrine reuptake inhibitors (SNRIs) was recently debated. Meta-analyses, based mainly on fluoxetine comparator data, suggest that the SNRI venlafaxine has superior efficacy to SSRIs in treatment of major depression. OBJECTIVE To compare quality of… (More)