Part 1 The markets: spot, forward interbank swap and futures deals interrelations of markets time spans and volatilities in the currency markets forecasting exchange rates. Part 2 Management principles and classification of risks: a general approach to business risks the place of currency risk management in general and financial management defining and classifying currency risks corporate objectives and policies in currency risk management. Part 3 The risks and their management: competitiveness risk trading risk - the problem managing trading risk - the mechanisms position risk in the group of companies managing position riak - the mechanisms policy decisions in position risk management.

ABSTRACT This study provides comprehensive publications performance data over a 25‐year period for finance doctorates. These data indicate that publishing one article per year in any finance journal (or finance, accounting, economics, or business journal) over any prolonged period of time is a truly remarkable feat, met by only 5% of the graduates. Tenure screens combining various quantity and quality requirements are examined to assess their ability to predict future publication productivity. Faculty and administrators seeking defensible benchmarks for evaluating faculty research productivity in finance will find that these data and results are particularly useful.

This paper develops and tests hypotheses that explain the choice of accounts receivable management policies. The tests focus on both cross-sectional explanations of policy-choice determinants, as well as incentives to establish captives. The authors find size, concentration, and credit standing of the firm's traded debt and commercial paper are each important in explaining the use of factoring, accounts receivable secured debt, captive finance subsidiaries, and general corporate credit. They also offer evidence that captive formation allows more flexible financial contracting. However, the authors find no evidence that captive formation expropriates bondholder wealth.

ABSTRACT This paper develops and tests hypotheses that explain the choice of accounts receivable management policies. The tests focus on both cross‐sectional explanations of policy‐choice determinants, as well as incentives to establish captives. We find size, concentration, and credit standing of the firm's traded debt and commercial paper are each important in explaining the use of factoring, accounts receivable secured debt, captive finance subsidiaries, and general corporate credit. We also offer evidence that captive formation allows more flexible financial contracting. However, we find no evidence that captive formation expropriates bondholder wealth.

This study examines whether security analysts underreact or overreact to prior earnings information, and whether any such behavior could explain previously documented anomalous stock price movements. We present evidence that analysts' forecasts underreact to recent earnings. This feature of the forecasts is consistent with certain properties of the naive seasonal random walk forecast that Bernard and Thomas (1990) hypothesize underlie the well-known anomalous post-earnings-announcement drift. However, the underreactions in analysts' forecasts are at most only about half as large as necessary to explain the magnitude of the drift. We also document that the “extreme” analysts' forecasts studied by DeBondt and Thaler (1990) cannot be viewed as overreactions to earnings, and are not clearly linked to the stock price overreactions discussed in DeBondt and Thaler (1985, 1987) and Chopra, Lakonishok, and Ritter (Forthcoming). We conclude that security analysts' behavior is at best only a partial explanation for stock price underreaction to earnings, and may be unrelated to stock price overreactions.

In the article Theory of Capital Structure, by Milton Harris and Artur Raviv (The Journal of Finance, March 1991, vol. 46, no. 1, pp. 297-355) there is an error in Tables IV, V, and VII concerning the description of results reported in Investment-Financing Nexus: Some Empirical Evidence, by Michael Long and Ileen Malitz (Midland Corporate Finance Journal, 1985). While the text of Theory of Capital Structure (p. 334) correctly states that Long and Malitz find a negative relationship between leverage and profitability, in Tables IV, V, and VII, a positive, but insignificant, relationship is incorrectly reported. The authors apologize for this error and thank Professor Michael Long of Rutgers University for bringing it to their attention.

Acknowledgments. Introduction: The Revolution in the Wealth of Nations. PART I: SETTING THE SCENE. Chapter 1. Are Stock Prices Predictable? PART II: THE WHOLE AND THE PARTS. Chapter 2. Fourteen Pages to Fame. Chapter 3. The Interior Decorator Fallacy. Chapter 4. The Most Important Single Influence. PART III: THE DEMON OF CHANCE. Chapter 5. Illusions, Molecules, and Trends. Chapter 6. Anticipating Prices Properly. Chapter 7. The Search for High P.Q. PAR IV: WHAT ARE STOCKS WORTH? Chapter 8. The Best at the Price. Chapter 9. The Bombshell Assertions. Chapter 10. Risky Business. Chapter 11. The Universal Financial Device. PART V: FROM GOWN TO TOWN. Chapter 12. The constellation. Chapter 13. The Accountant for Risk. Chapter 14. The Ultimate Invention. PART VI: THE FUTURE. Chapter 15. The View form the Top of the Tower. Notes. Bibliography and Other Sources. Name Index. Subject Index.

This study provides comprehensive publications performance data over a twenty-five-year period for finance doctorates. These data indicate that publishing one article per year in any finance journal (or finance, accounting, economics, or business journal) over any prolonged period of time is a truly remarkable feat, met by only 5 percent of the graduates. Tenure screens combining various quantity and quality requirements are examined to assess their ability to predict future publication productivity. Faculty and administrators seeking defensible benchmarks for evaluating faculty research productivity in finance will find that these data and results are particularly useful. Copyright 1992 by American Finance Association.