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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: BGR who wrote (48534)	2/23/1999 7:26:00 PM
From: Michael Bakunin	Respond to of 132070

A quick search through my local college's db reveals a few starting points. E.g.: Teoh, Welch, Wong, "Earnings management and the underperformance of seasoned equity offerings", Journal of Financial Economics v50, n1 (Oct 1998):63-99. - "The evidence is consistent with investors naively extrapolating pre-issue earnings without fully adjusting for the potential manipulations of reported earnings." Lynch, Mendenhall, "New evidence on stock price effects associated with changes in the S&P 500 Index", Journal of Business v70, n3 (Jul 1997):351-383. - "significantly positive (negative) postannouncement abnormal returns that are only partially reversed following additions (deletions) are documented...a violation of market efficiency." Al-Loughani, Chappell, "On the validity of the weak-form efficient markets hypothesis applied to the London stock exchange", Applied Financial Economics v7, n2 (Apr 1997):173-176. - "EMH would suggest random walk behavior but this does not occur" Putnam, Quintana, "Debating currency market efficiency", Global Investor, n94 (Jul/Aug 1996):50-52. - "Dynamic statistical tools are used to show that currency portfolios can make trading profits." I'm sure I missed a few; I know I've seen studies that suggest trend-following inefficiencies exist even in the DJIA, but conclude that transactions cost prevent them from being exploited. mb