Ji-Chai Lin, Michael S. Rozeff, Price Adjustment Delays and Arbitrage Costs: Evidence from the Behavior of Convertible Preferred Prices, The Journal of Financial and Quantitative Analysis, Vol. 30, No. 1 (Mar., 1995), pp. 61-80

The relationship between state-imposed advertising restrictions and state-level market concentration in the malt beverage industry is examined. The authors find that the presence of proscriptions on price advertising significantly increases market concentration at the state level, both absolutely and relative to a measure of national concentration. The evidence also indicates that banning local nonprice advertising in addition to price advertising yields no marginal significant change in either measure of state-level concentration. Analysis of individual brewers' market shares suggests that large national brewers gain at the expense of smaller brewers when price advertising is restricted. Copyright 1995 by MIT Press.

I assess the impact of losing public health insurance on labor market decisions of women by examining a series of Medicaid eligibility expansions targeted toward young children. These targeted expansions severed the historical tie between AFDC and Medicaid eligibility. The reforms allowed a mother's earnings to increase without losing public health insurance for her young children. Increasing the income limit for Medicaid resulted in a decrease in AFDC participation and an increase in labor force participation among these women. The effects were large for ever married women, and negligible for never married women.

Disclosures, Voluntary disclosures, Disclosure dynamics, Herding

[We present an economic mechanism and supportive empirical evidence for the transmission of information between equity securities first documented by Lo and MacKinlay (1990). It is argued that the past returns on stocks held by informed institutional traders will be positively correlated with the contemporaneous returns on stocks held by noninstitutional uninformed traders. Evidence consistent with this hypothesis is then presented. We document that the returns on the portfolio of stocks with the highest level of institutional ownership lead the returns on portfolios of stocks with lower levels of institutional ownership. This effect persists even after firm size is controlled for and is apparent at longer lags than the size-related lag effects documented in Lo and MacKinlay (1990).]

Robert S. Hamada, American Finance Association, Report of the AFA Representative to the National Bureau of Economic Research, The Journal of Finance, Vol. 50, No. 3, Papers and Proceedings Fifty-Fifth Annual Meeting, American Finance, Association, Washington, D.C., January 6-8, 1995 (Jul., 1995), pp. 1025-1027