Studies in Economics and Finance: Volume 21 Issue 2

ASSESSING BANK EFFICIENCY IN AN EMERGING MARKET: THE KUWAITI EXPERIENCE IN THE 1990S

ALI F. DARRAT, CAN TOPUZ, TARIK YOUSEF

Kuwait's banking system has experienced considerable difficulties in the past two decades due to financial and political shocks. In the aftermath of the Gulf War, government…

THE EFFECT OF DIVERSIFICATION ON FIRM VALUE: A PRE‐ AND POST‐ DIVERSIFICATION ANALYSIS

DAVID C. HYLAND

Although there are theoretical costs and benefits to corporate diversification, there is ample empirical evidence that the stock market views the costs to outweigh the benefits…

PORTFOLIO DIVERSIFICATION FOR LONG HOLDING PERIODS: HOW MANY STOCKS DO INVESTORS NEED?

DALE L. DOMIAN, DAVID A. LOUTON, MARIE D. RACINE

Finance textbooks typically state that 8 to 20 stocks can provide adequate diversification for a portfolio. However, these recommendations usually assume a short time horizon such…

THE FISHER INFORMATION MEASURE AND TESTING MARKET EXPECTATIONS

ERCAN TIRTIROĞLU, DOĞAN TIRTIROĞLU

In an efficient market, where the participants form their expectations rationally, all potential changes induced by a predictable event are incorporated into the asset prices…

SEASONAL EFFECTS AND ARCH IN THE HONG KONG FUTURES MARKETS

MAHENDRA RAJ

This paper attempts to examine a number of issues regarding the returns on the Hang Seng Index Futures traded in Hong Kong. The daily returns are separated into close‐to‐close…