The Reaction of Stock Prices to Unanticipated Changes in Money

This paper investigates the short-run effect of unexpected changes in the weekly money stock on common stock prices. Survey data on money market participants' forecasts of money changes are employed to construct the measure of unanticipated movements in the money stock. The results indicate that an unexpected increase in money depresses stock prices and, consistent with the efficient markets hypothesis, only the unexpected part of the weekly money announcement causes stock price fluctuations. The October 1979 change in Federal Reserve operating procedures appears to have made stock prices somewhat more sensitive to large money surprises.

Firm Characteristics, Unanticipated Inflation, and Stock Returns

This paper re-examines the effects of nominal contracts on the relationship between unanticipated inflation and individual stock's rate of return. This study differs in three main ways from previous research. First, announced inflation data are used to examine the effects of unanticipated inflation. Second, a different specification is used to obtain more efficient estimates. Third, additional nominal contracts are considered. The empirical results indicate that time-varying firm characteristics related to inflation predominately determine the effect of unanticipated inflation on a stock's rate of return. A firm's debt-equity ratio appears to be particularly important in determining the response.

Which Loans are Relationship Loans? Evidence from the 1998 Survey of Small Business Finances

Despite financial economists\u27 long-standing interest in the role of lender-borrower relationships in increasing the availability of funds to small businesses, many questions remain unanswered. Numerous empirical studies investigate the effect of relationships on the availability and terms of credit to small businesses (Petersen and Rajan (1994), Berger and Udell (1995), Blackwell and Winters (1997), Cole (1998), Harhoff and Körting (1998), Elsas and Krahnen (1998), Angelini et al.(1998), Degryse and van Cayseele (2000), Bodenhorn (2003)) and many find that relationships improve the availability of credit for some categories of small businesses. But the studies present mixed results on how relationships affect collateral requirements and lending rates, as well as whether relationships affect loan terms and availability via reputation enhancement, as modeled by Diamond (1991) and Boot and Thakor (1994), or via information capture, as modeled by Greenbaum et al. (1989) and Sharpe (1990)

ISAU - A potential tropical longan (Dihocarpus longan) of Sarawak

The longan fruit, imported from Thailand, has been much sought by Malaysian. This fruit tree will not bear fruit under the tropical condition~ of the Malaysian lowland. However in Sarawak there is a variant of the longan known by the vernacular name of ISAU, the fruit of which possesses thick aril which tastes better than the imported longan. This paper describes some of the results of investigation on the taxonomy, botany, propagation and other aspects of exploitation of the Isau fruit carried out by the Bintulu Campus of Universiti Pertanian Malaysia

Challenges to the concept of stock market efficiency

Stock - Prices ; Stock market

THE WAGE-PRICE CONTROL EXPERIMENT--DID IT WORK?

This paper analyses the consequences of the Nixon Administration’s policy of wage-price controls and finds that the controls were essentially ineffective in reducing inflation.wage-price controls; incomes policy; inflation; unemployment

Clinical profile of predefined asthma phenotypes in a large cohort of UK primary care patients (Clinical Practice Research Datalink).

BACKGROUND: Distinct asthma phenotypes have previously been suggested, including benign asthma, atopic asthma and obese non-eosinophilic asthma. This study aims to establish if these phenotypes can be identified using data recorded in primary care clinical records and reports on patient characteristics and exacerbation frequency. METHODS: A population-based cohort study identified 193,999 asthma patients in UK primary care from 2007 to 2017. We used linked primary and secondary care data from the Clinical Practice Research Datalink, Hospital Episode Statistics and Office for National Statistics. Patients were classified into predefined phenotypes or included in an asthma "not otherwise specified" (NOS) group. We used negative binomial regression to calculate the exacerbation rates and adjusted rate ratios. Rate ratios were further stratified by asthma treatment step. RESULTS: In our cohort, 3.9% of patients were categorized as benign asthma, 28.6% atopic asthma and 4.8% obese non-eosinophilic asthma. About 62.7% of patients were asthma NOS, including asthma NOS without treatment (10.4%), only on short-acting beta agonist (6.1%) and on maintenance treatment (46.2%). Crude severe exacerbation rates per 1,000 person-years were lowest for benign asthma (106.8 [95% CI: 101.2-112.3]) and highest for obese non-eosinophilic asthma (469.0 [451.7-486.2]). Incidence rate ratios for all phenotype groups decreased when stratified by treatment step but remained raised compared to benign asthma. CONCLUSION: Established phenotypes can be identified in a general asthma population, although many patients did not fit into the specific phenotypes which we studied. Phenotyping patients and knowledge of asthma treatment step could help anticipate clinical course and therefore could aid clinical management but is only possible in a minority of primary care patients based on current phenotypes and electronic health records (EHRs)