Monthly returns are used to estimate the single-index market model (SIMM). Binary variables are used to determine if the alpha intercept and beta slope coefficients are stable through alternating bull markets and bear markets. The results suggest that some investment analysts have fallen into the trap of misapplying econometric models and, as a result, are purveying erroneous information. Neither the alpha nor the beta statistics in the SIMM appear to be significantly affected by the alternating forces of bull and bear markets. Of course, the SIMM, the alpha, the beta and the statistics from all econometric models change from sample to sample. But, the question addressed here was whether or not these normal sampling errors were more than would occur in the classic stability tests. Such instability would tend to depreciate the value of the received risk-return theories. However, the SIMM was found to be unaffected by the three different bull and bear market conditions which were delineated.

Recent research shows that unsuccessful tender offers may affect target share returns for two years past the offer's announcement. This note examines target returns in the interim between the announcement and one year after the offer's withdrawal. Analyzing a recent sample of targets that did not get another bid in the year following a failed tender offer, this study reaches two conclusions. First, all of an offer's premium disappears by the time failure becomes public. Second, excess returns are zero in the post‐failure year. An explanation that is based on the causes of the tender offers' failures is presented.

Recent research shows that unsuccessful tender offers may affect target share returns for two years past the offer's announcement. This note examines target returns in the interim between the announcement and one year after the offer's withdrawal. Analyzing a recent sample of targets that did not get another bid in the year following a failed tender offer, this study reaches two conclusions. First, all of an offer's premium disappears by the time failure becomes public. Second, excess returns are zero in the post-failure year. An explanation that is based on the causes of the tender offers' failures is presented.

1. Introduction. 2. Pricing of Bonds. 3. Measuring Yield. 4. Bond Price Volatility. 5. Factors Affecting Bond Yields and the Term Structure of Interest Rates. 6. Treasury and Agency Securities Markets. 7. Corporate Debt Instruments. 8. Municipal Securities. 9. Non-U.S. Bonds. 10. Residential Mortgage Loans. 11. Mortgage Pass-Through Securities. 12. Collateralized Mortgage Obligations and Stripped Mortgage-Backed Securities. 13. Commercial Mortgage-Backed Securities. 14. Asset-Backed Securities. 15. Collateralized Debt Obligations. 16. Analysis of Bonds with Embedded Options. 17. Analysis of Residential Mortgage-Backed Securities. 18. Analysis of Convertible Bonds. 19. Active Bond Portfolio Management Strategies. 20. Indexing. 21. Liability Funding Strategies. 22. Bond Performance Measurement and Evaluation. 23. Interest-Rate Futures Contracts. 24. Interest-Rate Options. 25. Interest-Rate Swaps and Agreements. 26. Credit Derivatives. Index.

Frank J. Fabozzi, Eileen Moran, Christopher K. Ma, Market Uncertainty and the Least-Cost Offering Method of Public Utility Debt: A Note, The Journal of Finance, Vol. 43, No. 4 (Sep., 1988), pp. 1025-1034