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The purpose of this paper is to examine the intertemporal relationship between variations in the prices of individual common stocks and variations in the rest of the stock market. Empirical data are analyzed to determine the frequency with which stock prices precede, occur simultaneously, and follow movements in the market average

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The Financial Management Association brings together practicing financial managers from commerce, financial institutions, not-for-profit and governmental organizations, and members of the academic community with similar interests in financial analysis and decision making. The theme of the orogram being planned for October [14][15][16] 1976, is to strengthen the bridge between application and theory in financial management.

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It has been suggested by many [1, 2, 5, 6, 7, 10 and more] and denied by few that, ceteris paribus, a well-informed risk-averse investor should prefer investments which have positively skewed distributions of rates of return. Passing over the models which underlie such assertions, the question is addressed empirically here. Do (as opposed to “should”) investors prefer investments that are positively skewed, ceteris paribus?

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School of Business Administration of the University of Washington nor of the Western Finance Association.

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