Most finance students will do short-term finance assignments when they go to work. In recent survey of CEO's, Controllers, and Treasurers that appeared in Financial Practice & Education, the question was asked which elective is the most important and 81% responded a short-term financial management course should be required. Both authors hold a Certified Cash Manager credential. Strengths include broader and better integrated coverage of treasury and working capital management, while using valuation and the cash flow timeline as integrating themes. Up to date presentations of developments in treasury management, banking deregulation, globalization of financial services delivery, electronic commerce, international cash management, and foreign exchange risk with a decision making emphasis throughout offers a complete view for students. This text is appropriate for upper level undergraduate finance courses in short-term financial management, working capital management, treasury management, and cash and cash flow management. It can also fit the MBA level financial management and short-term financial management courses.

The Bertrand-Edgeworth model describes competition among price setting sellers with production capacity constraints. The authors report on laboratory experiments that permit evaluation of different theories of Bertrand-Edgeworth competition: competitive pricing, Edgeworth cycles in prices, mixed strategy Nash equilibrium pricing, and tacit collusion. Each of the theories helps to explain some aspects of the data. However, none of these theories are completely consistent with the data. In relative terms, the Edgeworth cycle theory provides better predictions of key aspects of the data than the other theories. Coauthors are Stephen Rassenti, Stanley S. Reynolds, and Vernon L. Smith. Copyright 1994 by The Econometric Society.

Examines stock market considerations in the transaction and translation of gains and losses when pricing equity securities. Effect of earnings-related information to stockholders' equity; Data requirements.

Examines simultaneous equations analysis of the relations between audit quality and audit fees by recognizing the role of audit quality's supply and demand. Pressures on audit fees; Studies of audit fee and audit demand; Statistics from the United States General Accounting Office; Supply and demand for audit in a simultaneous equations framework.

Examines relationships between support activity costs and prices. Assumptions and definitions for various components of the cost and demand functions; Optimal pricing and capacity decisions of a centralized monopolist firm; Activity-based unit costs.

While the popular press may have declared housework passe with the advent of the two-income household (see Housework is Obsolescent by Barbara Ehrenreich [1993] for one such example), the facts indicate that housework continues to consume a substantial amount of time, particularly for women. While estimates vary widely depending on the sample examined and the methods used to generate the information, representative values of housework time range around 6-14 hours per week for men and 20-30 hours for women. Since wages are likely to be influenced both directly and indirectly by the time and effort devoted to other activities, and since gender differences in household responsibilities are significant and often assumed to be a driving force behind gender earnings differentials, decisions regarding the overall amount of time spent on housework and the division of that time within the household are important ones. The goal of this paper is to shed some light on these allocation decisions. We begin by discussing the various methods by which time and effort spent on housework may affect wages and summarize the available empirical evidence. Overall, the empirical evidence indicates that time spent on housework has a negative effect on wages, an effect which is most pronounced for women. We next examine the amount of time spent on housework and the division of that time between working spouses. To do so, we draw upon the human-capital literature and the bargaining literature to construct simple regression equations for time spent on housework by each spouse as well as the share of housework time contributed by the husband. The results indicate that husbands do less housework than their wives as their relative earnings and hours spent in the labor market increase.

ABSTRACT This article tests for the relations between trading volume and subsequent returns patterns in individual securities' short‐horizon returns that are suggested by such articles as Blume, Easley, and O'Hara (1994) and Campbell, Grossman, and Wang (1993) . Using a variant of Lehmann's (1990) contrarian trading strategy, we find strong evidence of a relation between trading activity and subsequent autocovariances in weekly returns. Specifically, high‐transaction securities experience price reversals, while the returns of low‐transactions securities are positively autocovarying. Overall, information on trading activity appears to be an important predictor of the returns of individual securities.

Stock market indices introduction to futures trading futures exchanges arbitrage and the valuation of stock index futures arbitrage and relaxing the assumptions behaviour of the prices of stock index futures returns and the risk premium maturity, price volatility and volume market efficiency hedging the potential uses of stock index futures by fund managers the design and regulation of futures contracts future topics in index futures.

This article tests for the relations between trading volume and subsequent returns patterns in individual securities' short-horizon returns that are suggested by such articles as Blume, Easley, and O'Hara (1994) and Campbell, Grossman, and Wang (1993). Using a variant of Lehmann's (1990) contrarian trading strategy, we find strong evidence of a relation between trading activity and subsequent autocovariances in weekly returns. Specifically, high-transaction securities experience price reversals, while the returns of low-transactions securities are positively autocovarying. Overall, information on trading activity appears to be an important predictor of the returns of individual securities.