Dennis Murray, The Effect of Certain Research Design Choices on the Assessment of the Market's Reaction to LIFO Changes: A Methodological Study, Journal of Accounting Research, Vol. 21, No. 1 (Spring, 1983), pp. 128-140

The article empirically estimates the effects of disability pensions provided under the Canada / Quebec Pension Plans on the labor-force participation rates of males aged 45-64 years. Two data sets are used. One consists of pooled cross section / annual time-series data by province for the years 1975-83. The other consists of observations as of 1985 on 651 males in the specified age group. Naive estimation results from both sets of data suggest a large negative effect of pension income. In the case of the micro data, this effect becomes small and statistically nonsignificant when more sophisticated estimation methods are used.

National accounting standards have included some form of indirect measurement of financial services since 1953. In the late 1970s and 1980s Donovan, Barnett, and Hancock provided a theoretical framework for these measurements, and national accounting standards, the System of National Accounts—SNA—since 1993 have adopted a methodology called FISIM (Financial Intermediation Services Indirectly Measured) resembling these economists’ user cost approach to measuring financial services. National accountants have been struggling since 1993 with how a key component of the calculation—the reference rate of interest—should be determined. Further, over the last several years a critique of the SNA by Basu, Inklaar, Wang, and others has concluded that the standards overstate the importance of financial services in GDP because they include remuneration for risk in the returns on the financial instruments, allowing financing to affect the operating surplus and value added of banks, which are highly leveraged. However, the critics’ solution has the regrettable side effect of purging liquidity services from the SNA production account. We determine the SNA reference rate of interest as the financial entity’s cost of capital. While we agree that financing (leverage) should not have the impact it has on bank value added under the most recent SNA standards, we find that it is the narrow scope of the financial instrument and unit coverage of the calculation rather than the inclusion of risk remuneration that is the source of the problem. We shed some light on the implications of the cost of capital reference rate and broader instrument coverage using US data for 2001–2011, a period bracketing the 2008–2009 financial crisis.

Journal Article The Establishment of the Jute Industry: A Problem of Location Theory? Get access Dennis Chapman Dennis Chapman St. Andrews Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 6, Issue 1, October 1938, Pages 33–55, https://doi.org/10.2307/2967537 Published: 01 October 1938

This paper evaluates the relative performance of IBES consensus financial analyst forecasts and forecasts based upon the anticipatory behaviour of security prices, according to two criteria: (a) the accuracy of earnings growth predictions and (b) the contemporaneous association between unexpected earnings and security returns during the forecast year. Results are presented for firms in differing size groups, measured here by market capitalization. The results indicate that neither forecast source is superior to the other in terms of either criterion. There is, however, significant complementarity of financial analyst and price-based forecasts.

Dennis W. Draper, Discussion: Information Sets, Macroeconomic Reform, and Stock Prices, The Journal of Financial and Quantitative Analysis, Vol. 16, No. 4, Proceedings of 16th Annual Conference of the Western Finance Association, June 18-20, 1981, Jackson Hole, Wyoming (Nov., 1981), pp. 511-513

Louis Bachelier would be pleased with the findings reported in John T. Emery's paper, even though Bachelier wrote in 1900 before there was any popular support for technical analysis. Considering technical analysis historically, the Dow Theory was the first popular technical approach, although Charles H. Dow, editor of The Wall Street Journal at about the time of Bachelier's writing, did not consider his theory a forecasting method. Later William P. Hamilton began to forecast with Dow's Theory, and then in 1932 Robert Rhea's publication of The Dow Theory popularized this technical approach. Earlier Bachelier had struck the first blow of an obviously continuing quest to execute the technical security analysts. (A technical security analyst, often called a chartest, develops esoteric charts or computer printouts which he hopes will allow him to make better than average returns in the stock market.) In the United States serious economic and statistical testing of technical analysis did not begin until the early 1950s; these academic tests continue today. Test results support the efficient capital market theory or, put more bluntly, technical analysis does not lead to greater than average profits in the stock market. On the other hand, perhaps technical analysis does work, but no statistical method used in testing has uncovered this fact. In short, perhaps our statistical tools are not sophisticated enough to disclose the relation between stock price and “daily market indicators.”

Recent research focused on the market for first public offerings of common stock has indicated that investors who purchase new issues at the offering price will quickly achieve relatively large systematic profits. This is attributable to either the inability or the reluctance of investment bankers to reoffer the shares in which they deal at market-clearing prices. This paper examines factors that influence investment bankers in their pricing decisions and subsequently determine the short-run performance of new issues.

[This paper deals with the question of appropriately specifying the error structure in equations nonlinear in the parameters. An approach is presented which nests various disparate hypotheses (including those of additive normal and multiplicative lognormal error distributions) and suggests an approximate testing procedure. An example is given in which the method is applied in the context of estimating an aggregate production function for the U.S..R.]

This article analyzes an important aspect of the contemporary reorganization of work within firms: the shift from “Tayloristic” organization (characterized by specialization by tasks) to “holistic” organization (featuring job rotation, integration of tasks, and learning across tasks). We examine four driving forces behind this restructuring process: advances in production technologies promoting technological task complementarities, advances in information technologies promoting informational task complementarities, changes in worker preferences in favor of versatile work, and advances in human capital that make workers more versatile. Our analysis also helps explain the recent widening of wage differentials and disparities in job opportunities within narrowly defined groups.