Showing papers on "Financial market published in 1969"

The Adjustment of Stock Prices to New Information

Abstract: There is an impressive body of empirical evidence which indicates that successive price changes in individual common stocks are very nearly independent. Recent papers by Mandelbrot and Samuelson show rigorously that independence of successive price changes is consistent with an "efficient" market, i.e., a market that adjusts rapidly to new information. It is important to note, however, that in the empirical work to date the usual procedure has been to infer market efficiency from the observed independence of successive price changes. There has been very little actual testing of the speed of adjustment of prices to specijc kinds of new information. The prime concern of this paper is to examine the process by which common stock prices adjust to the information (if any) that is implicit in a stock split

International Financial Management

Abstract: Part One: Foundations of International Financial Management Chapter 1: Globalization and the Multinational Firm Chapter 2: International Monetary System Chapter 3: Balance of Payments Chapter 4: Corporate Governance Around the World Part Two: The Foreign Exchange Market, Exchange Rate Determination, and Currency Derivatives Chapter 5: The Market for Foreign Exchange Chapter 6: International Parity Relationships and Forecasting Foreign Exchange Rates Chapter 7: Futures and Options on Foreign Exchange Part Three: Foreign Exchange Exposure and Management Chapter 8: Management of Transaction Exposure Chapter 9: Management of Economic Exposure Chapter 10: Management of Translation Exposure Part Four: World Financial Markets and Institutions Chapter 11: International Banking and Money Market Chapter 12: International Bond Market Chapter 13: International Equity Markets Chapter 14: Interest Rate and Currency Swaps Chapter 15: International Portfolio Investment Part Five: Financial Management of the Multinational Firm Chapter 16: Foreign Direct Investment and Cross-Border Acquisitions Chapter 17: International Capital Structure and the Cost of Capital Chapter 18: International Capital Budgeting Chapter 19: Multinational Cash Management Chapter 20: International Trade Finance Chapter 21: International Tax Environment and Transfer Pricing

The New Uses of Monetary Powers

Abstract: Over the past several years United States financial markets have experienced their most serious stresses and strains since the great depression of the 1930's. These stresses and strains have been due to both domestic and international developments. As a result market instruments, institutions, and usages have undergone marked changes, and the Federal Reserve System, as well as the other agencies of the peculiarly decentralized central bank of the United States, have responded by adjusting their operations: monetary powers have been used in new ways. Some of these new uses of monetary powers will be discussed under two headings:1 the guidance of the evolution of financial markets and the manipulation of uncertainty. As a result of these new uses, the domain of responsibility of the Federal Reserve and the relation between it and other regulatory agencies need to be reexamined.

An Exploratory Econometric Model of Financial Markets

Abstract: The purpose of this study is to develop and estimate sectoral demand for money functions and an aggregate supply function for money within the framework of a simultaneous-equations model of major United States financial markets. The study is exploratory in nature in several respects. The final form of the behavioral equations is, of course, open to question. Also, the data used in the estimation of the behavioral equations have recently been revised by the Flow of Funds Section of the Federal Reserve Board.