Amitava Chatterjee | Texas Southern University (original) (raw)

Papers by Amitava Chatterjee

Mind & Language, 2010

Recent experimental research has revealed surprising patterns in people's intuitions about free w... more Recent experimental research has revealed surprising patterns in people's intuitions about free will and moral responsibility. One limitation of this research, however, is that it has been conducted exclusively on people from Western cultures. The present paper extends previous research by presenting a cross-cultural study examining intuitions about free will and moral responsibility in subjects from the United States, Hong Kong, India and Colombia. The results revealed a striking degree of crosscultural convergence. In all four cultural groups, the majority of participants said that (a) our universe is indeterministic and (b) moral responsibility is not compatible with determinism.

Journal of International Business Research, 2003

ABSTRACT Foreign Direct Investment (FDI) is essentially the total purchases of domestic assets or... more ABSTRACT Foreign Direct Investment (FDI) is essentially the total purchases of domestic assets or claims by foreigners. The United States (U.S.) has been a favorite destination of FDI from Europe and Japan. The purpose of this paper is to determine the perspectives of foreign investments in the United States on a Historical-Cost Basis (FDIUS). The study will provide a comprehensive look at the players and the industries which receive the most foreign investment. In doing so, the study also provides some justification for such a trend. INTRODUCTION Foreign Direct Investment in the United States (FDIUS) is defined as the ownership or control, directly or indirectly, by one foreign person of 10 percent or more of the voting securities of an incorporated U.S. business enterprise or the equivalent interest in an unincorporated U.S. business. A U.S. affiliate is a U.S. business in which there is foreign direct investment (Bureau of Economic Analysis (BEA). Total foreign investment in a country is generally divided into portfolio investment, where the investor is a passive holder of stock or debt, and direct investment, where the investor maintains some degree of active control over the company in which the investment takes place. With the foreign markets approaching saturation and increasing competition from other foreign countries, (Canada, Europe, Latin America, Africa, The Middle East, and Asia/Pacific) the U.S. is an attractive target for foreign investment. Since the mid 1980's, foreign investment has become more and more important to the U.S. economy. Foreign investment helps to finance the large U.S. federal government deficit, as well as provide much needed capital for investment in new plant and equipment (Douglas Meade, 1997). John H. Dunning's Eclectic Paradigm Theory can be associated with Foreign Direct Investment (FDI). The principal hypothesis on which the Eclectic Paradigm is based suggests that a firm will engage in FDI if and when three conditions are satisfied. First, a firm must possess ownership advantages. These include such considerations as technology, know-how and brand names, and must be of sufficient value to overcome the risks of locating in an unfamiliar business environment. Second, a firm's motivation to invest abroad depends not only on its ownership advantages, but also on its desire and ability to internalize these ownership advantages. Internalization is the procedure by which a multinational firm preserves its ownership advantages by establishing a foreign subsidiary rather than leasing or selling its ownership advantages. The final aspect of the Eclectic Paradigm is location advantages. Location advantages determine which countries or regions host production by Multinational Corporations (MNC's) (O'Hagan and Anderson, 2000). Here are some reasons for why firms from one country would want to do foreign investment in another country. 1. Closer access to the market of the host country, especially in the face of protective tariffs or other restraints. 2. Low wages in the host country relative to the source country. 3. High return on investment in the host country relative to the source country. 4. High liquidity in the source country (Douglas Meade, 1997). The timing of foreign investment can be affected by the following factors: 1. Exchange rate movement--if the currency of the host country is perceived to be temporarily below its equilibrium level, then firms may perceive it is a good time to invest in that country. 2. Tax policy changes--an imminent change in tax policy may make foreign investment more urgent. 3. Business cycle effects--foreign investment tends to be correlated positively with the growth of GDP. One reason is that this signifies that the host market is strong, and the outlook for profits in that market is good. Another reason is that mergers and acquisitions tend to be more prevalent in periods of strong economic growth, and many of these mergers and acquisitions are financed by foreign capital (Douglas Meade, 1997). …

Since the seminal papers by Barr (1958) and Hildebrand, Wilson, and Dienst (1971), many researche... more Since the seminal papers by Barr (1958) and Hildebrand, Wilson, and Dienst (1971), many researchers have investigated the traits that create a successful teacher. In a similar vein, the advent of online education elicits a growing body of literature that expounds the characteristics of a successful online instructor. Several pieces of research have further investigated the similarities and differences in student perception and satisfaction in online and traditional course formats. We seek the common qualities that make an instructor effective in both formats of the instructional methods by blending the established ‘best practices’ in teaching with the key characteristics of effective online teaching. This paper uses an introductory finance course over several semesters to explore these hypotheses. The data for the study has been collected from various sections of the course that have been taught by the same instructor in both online and technology-aided traditional formats. This stu...

Journal of College Teaching & Learning (TLC), 2011

Most instructors believe that if students know the material that is taught, their knowledge will ... more Most instructors believe that if students know the material that is taught, their knowledge will manifest by successful performance on any type of examination question that instructors devise. The issue that is now evolving is whether or not instructors can alter teaching and testing strategies to bring about an optimal learning environment. More particularly, this study represents an attempt to correlate students’ learning style preferences to performance on four types of examination questions. The results reported in this study shows that intuitive and thinking students do not perform well on open-ended quantitative test. Moreover, intuitive students are not very good when it comes to multiple-choice quantitative test. Finally, feeling, sensing, and thinking students perform better on multiple-choice theory tests.

EDITORIAL REVIEW BOARD, 2004

119 Journal of Economics and Economic Education Research, Volume 5, Number 3, 2004 GEOGRAPHICAL D... more 119 Journal of Economics and Economic Education Research, Volume 5, Number 3, 2004 GEOGRAPHICAL DIFFERENCES IN POVERTY AND QUALITY-OF-LIFE RATINGS O. Felix Ayadi, Texas Southern University Amitava Chatterjee, Texas Southern University Adegoke O. Ademiluyi, ...

International Business & Economics Research Journal (IBER), 2011

The approach in this paper is to explore the relationship between corruption perception index (CP... more The approach in this paper is to explore the relationship between corruption perception index (CPI) and human development index (HDI) in order to determine whether or not poor countries resort to corrupt practices as a way of getting over their level of hopelessness. The results show that corruption poses a problem to all countries and consequently to world economic development.

Journal of Applied Business Research, 1997

The existence of market return anomalies has long been recognized in the finance literature. Seve... more The existence of market return anomalies has long been recognized in the finance literature. Several studies have documented the effects of size, dividend yields, EIP ratios, book-to-market value ratios, weekend, and turn of the year (January effect) on market returns. Still, much controversy surrounds the existence of and explanations for the observed market anomalies. This study uses 1987-92 returns data to help provide more current evidence concerning market anomalies. A multivariate regression model (MVRM) is used to test for the presence of size effect, weekend effect, and January effect in this period. Evidence indicates the existence of a January effect for small firms, but other effects are not detected at any significant level.

The Journal of Global Business Management, 2018

It is widely recognized that a large portion of the general population has difficulty grasping an... more It is widely recognized that a large portion of the general population has difficulty grasping and applying basic financial concepts in their lives. Consequently, an access to financial education at the school and college levels can provide a foundation for financial literacy that can help prevent younger people from making poor and erroneous financial decisions that can take years to overcome. The paper analyzes the efficacy of an introductory finance course that can be utilized in teaching financial literacy at a business school. The study further attempts to prioritize different areas of financial education that should be presented to the audience based on their relative awareness and to the familiarity of the topics. This study is unique in two aspects. First, it comprehensively investigates the exposure of financial literacy among the business students instead of the factors that affect the financial knowledge. To this effect, the study employs two sets of questionnaires, namely, the basic financial literacy and sophisticated financial literacy during the beginning and the conclusion of the course. Second, the study uses a multinomial logit model to search for the significant areas in an introductory finance class that affect the student proficiency in financial knowledge. The results indicate that an introductory finance course can be used effectively to impart essential financial awareness among the business students. With the great 2008-09 financial meltdown and its aftermath, the discussion is considered most apt to prepare the future generations for economic expediency than ever.

The Journal of International Management Studies, 2018

Since the seminal papers by Barr (1958) and Hildebrand, Wilson, and Dienst (1971), many researche... more Since the seminal papers by Barr (1958) and Hildebrand, Wilson, and Dienst (1971), many researchers have investigated the traits that create a successful teacher. In a similar vein, the advent of online education elicits a growing body of literature that expounds the characteristics of a successful online instructor. Several pieces of research have further investigated the similarities and differences in student perception and satisfaction in online and traditional course formats. We seek the common qualities that make an instructor effective in both formats of the instructional methods by blending the established 'best practices' in teaching with the key characteristics of effective online teaching. This paper uses an introductory finance course over several semesters to explore these hypotheses. The data for the study has been collected from various sections of the course that have been taught by the same instructor in both online and technology-aided traditional formats. This study is unique in two aspects. First, it comprehensively investigates the factors that can affect the performance of an instructor irrespective of the mode of instruction. To this effect, the study investigates three classes of factors, namely, teaching materials, collaborative learning, and instructor performance and student-instructor interactions. Second, the study uses factor analysis to identify relevant explanatory variables and uses multiple discriminant analysis to test the teaching effectiveness factors proposed by several past authors for their significance. The results fail to indicate any broad differences in student satisfaction and performance irrespective of the delivery format. Significant differences in factor relevancy, however, exist in online and technology-aided traditional instructions to determine student performance and satisfaction. Specifically, the student-instructor engagements and the availability of self-study materials are critically important for students' success in online classes. The findings of this study can shed further light on the ongoing search for the common instructional factors in teaching effectiveness irrespective of the instructional format.

The Journal of Real Estate Finance and Economics, Feb 1, 1998

Researchers have employed option pricing techniques to analyze mortgage ®nancing and valuation. A... more Researchers have employed option pricing techniques to analyze mortgage ®nancing and valuation. Alternative models (one-, two-, and three-variable models) employing different variables (short-and long-term interest rates and building value) have been designed to price mortgage securities. No prior research has addressed the question of whether the pricing accuracy of these contingent claims models improves as states increase or whether contingent claims models' valuation abilities generate reasonable estimates of primary mortgage market prices. The articles investigates the relative ef®ciency of each of these alternative mortgage valuation models in predicting primary market mortgage values. Our results show that a two-variable model (short rate and building value) is the most ef®cient. Valuation results indicate a positive pricing spread between the primary market and the theoretically estimated value.

... An aggregate analysis for the South Asian region is always biased by the inclusion of Indians... more ... An aggregate analysis for the South Asian region is always biased by the inclusion of Indianstatistics. ... basic conclusion of Safadi and Yeats, we go on to show that NAFTA, and the gradual abolition of the MFA, give new opportunities to further expand the apparel industry of Sri ...

Allied Academies National Conference page 8 In the ASEAN market, the daily indices used in the st... more Allied Academies National Conference page 8 In the ASEAN market, the daily indices used in the study are Jakarta Composite index of 1 Indonesia, Kuala Lumpur Composite index of Malaysia, Philippine Composite index of Philippines, Strait Times Industrial index of ...

The International Journal of Finance, 1998

Following the work of Fama, Fisher, Jensen, and Roll (1969) and Brown and Warner (1980,1985), sev... more Following the work of Fama, Fisher, Jensen, and Roll (1969) and Brown and Warner
(1980,1985), several studies have attempted to measure the effects of various important events on securities prices. This paper employs similar methodologies and also uses a multivariate regression model (MVRM) to examine the effects of the German reunification process on U.S. stock prices. The novelty of the approach lies in its implementation of a single system of equations to attempt to capture the individual effect of a series of events. The fundamental issue to be examined is whether a purely political process, taking place on the other side of the ocean and in a series of steps; affects the day to day movement of domestic stock prices. Evidence indicates that the reunification process in the aggregate has produced significant abnormal returns in some market segments, but significant reactions to individual events within the reunification process are less apparent.

Journal of Economics and Finance

Journal of Applied Business Research, 1997

The existence of market return anomalies have long been recognized in the finance literature. Sev... more The existence of market return anomalies have long been recognized in the finance literature. Several studies have documented the effects of size, dividend yields, E/P ratios, book-to-market value ratios, weekend, and turn of the year (January effect) on market returns. Still, much controversy surrounds the existence of, and explanations for the observed market anomalies. This study uses 1987-92 returns data to help provide more current evidence concerning market anomalies. A multivariate regression model (MVRM) is used to test for the presence of size effect, weekend effect, and January effect in this period. Evidence indicates the existence of a January effect for small firms, but other effects are not detected an any significant levels.</span>

Academy of Accounting and Financial Studies Journal

This paper studies the long-term investment diversification potential in the selected ASEAN (Indo... more This paper studies the long-term investment diversification potential in the selected ASEAN (Indonesia, Malaysia, Philippines, Singapore, and Thailand) equity markets using multivariate Johansen tests for cointegration. Daily index return data from these markets are used for the analysis. Results indicate that the return series in these markets are not cointegrated. The correlation coefficients among pairs of index returns are also quite low. The existence of low correlation and the lack of cointegration indicate an apparent independence of these markets. Consequently, the possibility of substantial gains exists from diversification across these markets.

Mind & Language, 2010

Recent experimental research has revealed surprising patterns in people's intuitions about free w... more Recent experimental research has revealed surprising patterns in people's intuitions about free will and moral responsibility. One limitation of this research, however, is that it has been conducted exclusively on people from Western cultures. The present paper extends previous research by presenting a cross-cultural study examining intuitions about free will and moral responsibility in subjects from the United States, Hong Kong, India and Colombia. The results revealed a striking degree of crosscultural convergence. In all four cultural groups, the majority of participants said that (a) our universe is indeterministic and (b) moral responsibility is not compatible with determinism.

Journal of International Business Research, 2003

ABSTRACT Foreign Direct Investment (FDI) is essentially the total purchases of domestic assets or... more ABSTRACT Foreign Direct Investment (FDI) is essentially the total purchases of domestic assets or claims by foreigners. The United States (U.S.) has been a favorite destination of FDI from Europe and Japan. The purpose of this paper is to determine the perspectives of foreign investments in the United States on a Historical-Cost Basis (FDIUS). The study will provide a comprehensive look at the players and the industries which receive the most foreign investment. In doing so, the study also provides some justification for such a trend. INTRODUCTION Foreign Direct Investment in the United States (FDIUS) is defined as the ownership or control, directly or indirectly, by one foreign person of 10 percent or more of the voting securities of an incorporated U.S. business enterprise or the equivalent interest in an unincorporated U.S. business. A U.S. affiliate is a U.S. business in which there is foreign direct investment (Bureau of Economic Analysis (BEA). Total foreign investment in a country is generally divided into portfolio investment, where the investor is a passive holder of stock or debt, and direct investment, where the investor maintains some degree of active control over the company in which the investment takes place. With the foreign markets approaching saturation and increasing competition from other foreign countries, (Canada, Europe, Latin America, Africa, The Middle East, and Asia/Pacific) the U.S. is an attractive target for foreign investment. Since the mid 1980's, foreign investment has become more and more important to the U.S. economy. Foreign investment helps to finance the large U.S. federal government deficit, as well as provide much needed capital for investment in new plant and equipment (Douglas Meade, 1997). John H. Dunning's Eclectic Paradigm Theory can be associated with Foreign Direct Investment (FDI). The principal hypothesis on which the Eclectic Paradigm is based suggests that a firm will engage in FDI if and when three conditions are satisfied. First, a firm must possess ownership advantages. These include such considerations as technology, know-how and brand names, and must be of sufficient value to overcome the risks of locating in an unfamiliar business environment. Second, a firm's motivation to invest abroad depends not only on its ownership advantages, but also on its desire and ability to internalize these ownership advantages. Internalization is the procedure by which a multinational firm preserves its ownership advantages by establishing a foreign subsidiary rather than leasing or selling its ownership advantages. The final aspect of the Eclectic Paradigm is location advantages. Location advantages determine which countries or regions host production by Multinational Corporations (MNC's) (O'Hagan and Anderson, 2000). Here are some reasons for why firms from one country would want to do foreign investment in another country. 1. Closer access to the market of the host country, especially in the face of protective tariffs or other restraints. 2. Low wages in the host country relative to the source country. 3. High return on investment in the host country relative to the source country. 4. High liquidity in the source country (Douglas Meade, 1997). The timing of foreign investment can be affected by the following factors: 1. Exchange rate movement--if the currency of the host country is perceived to be temporarily below its equilibrium level, then firms may perceive it is a good time to invest in that country. 2. Tax policy changes--an imminent change in tax policy may make foreign investment more urgent. 3. Business cycle effects--foreign investment tends to be correlated positively with the growth of GDP. One reason is that this signifies that the host market is strong, and the outlook for profits in that market is good. Another reason is that mergers and acquisitions tend to be more prevalent in periods of strong economic growth, and many of these mergers and acquisitions are financed by foreign capital (Douglas Meade, 1997). …

Since the seminal papers by Barr (1958) and Hildebrand, Wilson, and Dienst (1971), many researche... more Since the seminal papers by Barr (1958) and Hildebrand, Wilson, and Dienst (1971), many researchers have investigated the traits that create a successful teacher. In a similar vein, the advent of online education elicits a growing body of literature that expounds the characteristics of a successful online instructor. Several pieces of research have further investigated the similarities and differences in student perception and satisfaction in online and traditional course formats. We seek the common qualities that make an instructor effective in both formats of the instructional methods by blending the established ‘best practices’ in teaching with the key characteristics of effective online teaching. This paper uses an introductory finance course over several semesters to explore these hypotheses. The data for the study has been collected from various sections of the course that have been taught by the same instructor in both online and technology-aided traditional formats. This stu...

Journal of College Teaching & Learning (TLC), 2011

Most instructors believe that if students know the material that is taught, their knowledge will ... more Most instructors believe that if students know the material that is taught, their knowledge will manifest by successful performance on any type of examination question that instructors devise. The issue that is now evolving is whether or not instructors can alter teaching and testing strategies to bring about an optimal learning environment. More particularly, this study represents an attempt to correlate students’ learning style preferences to performance on four types of examination questions. The results reported in this study shows that intuitive and thinking students do not perform well on open-ended quantitative test. Moreover, intuitive students are not very good when it comes to multiple-choice quantitative test. Finally, feeling, sensing, and thinking students perform better on multiple-choice theory tests.

EDITORIAL REVIEW BOARD, 2004

119 Journal of Economics and Economic Education Research, Volume 5, Number 3, 2004 GEOGRAPHICAL D... more 119 Journal of Economics and Economic Education Research, Volume 5, Number 3, 2004 GEOGRAPHICAL DIFFERENCES IN POVERTY AND QUALITY-OF-LIFE RATINGS O. Felix Ayadi, Texas Southern University Amitava Chatterjee, Texas Southern University Adegoke O. Ademiluyi, ...

International Business & Economics Research Journal (IBER), 2011

The approach in this paper is to explore the relationship between corruption perception index (CP... more The approach in this paper is to explore the relationship between corruption perception index (CPI) and human development index (HDI) in order to determine whether or not poor countries resort to corrupt practices as a way of getting over their level of hopelessness. The results show that corruption poses a problem to all countries and consequently to world economic development.

Journal of Applied Business Research, 1997

The existence of market return anomalies has long been recognized in the finance literature. Seve... more The existence of market return anomalies has long been recognized in the finance literature. Several studies have documented the effects of size, dividend yields, EIP ratios, book-to-market value ratios, weekend, and turn of the year (January effect) on market returns. Still, much controversy surrounds the existence of and explanations for the observed market anomalies. This study uses 1987-92 returns data to help provide more current evidence concerning market anomalies. A multivariate regression model (MVRM) is used to test for the presence of size effect, weekend effect, and January effect in this period. Evidence indicates the existence of a January effect for small firms, but other effects are not detected at any significant level.

The Journal of Global Business Management, 2018

It is widely recognized that a large portion of the general population has difficulty grasping an... more It is widely recognized that a large portion of the general population has difficulty grasping and applying basic financial concepts in their lives. Consequently, an access to financial education at the school and college levels can provide a foundation for financial literacy that can help prevent younger people from making poor and erroneous financial decisions that can take years to overcome. The paper analyzes the efficacy of an introductory finance course that can be utilized in teaching financial literacy at a business school. The study further attempts to prioritize different areas of financial education that should be presented to the audience based on their relative awareness and to the familiarity of the topics. This study is unique in two aspects. First, it comprehensively investigates the exposure of financial literacy among the business students instead of the factors that affect the financial knowledge. To this effect, the study employs two sets of questionnaires, namely, the basic financial literacy and sophisticated financial literacy during the beginning and the conclusion of the course. Second, the study uses a multinomial logit model to search for the significant areas in an introductory finance class that affect the student proficiency in financial knowledge. The results indicate that an introductory finance course can be used effectively to impart essential financial awareness among the business students. With the great 2008-09 financial meltdown and its aftermath, the discussion is considered most apt to prepare the future generations for economic expediency than ever.

The Journal of International Management Studies, 2018

Since the seminal papers by Barr (1958) and Hildebrand, Wilson, and Dienst (1971), many researche... more Since the seminal papers by Barr (1958) and Hildebrand, Wilson, and Dienst (1971), many researchers have investigated the traits that create a successful teacher. In a similar vein, the advent of online education elicits a growing body of literature that expounds the characteristics of a successful online instructor. Several pieces of research have further investigated the similarities and differences in student perception and satisfaction in online and traditional course formats. We seek the common qualities that make an instructor effective in both formats of the instructional methods by blending the established 'best practices' in teaching with the key characteristics of effective online teaching. This paper uses an introductory finance course over several semesters to explore these hypotheses. The data for the study has been collected from various sections of the course that have been taught by the same instructor in both online and technology-aided traditional formats. This study is unique in two aspects. First, it comprehensively investigates the factors that can affect the performance of an instructor irrespective of the mode of instruction. To this effect, the study investigates three classes of factors, namely, teaching materials, collaborative learning, and instructor performance and student-instructor interactions. Second, the study uses factor analysis to identify relevant explanatory variables and uses multiple discriminant analysis to test the teaching effectiveness factors proposed by several past authors for their significance. The results fail to indicate any broad differences in student satisfaction and performance irrespective of the delivery format. Significant differences in factor relevancy, however, exist in online and technology-aided traditional instructions to determine student performance and satisfaction. Specifically, the student-instructor engagements and the availability of self-study materials are critically important for students' success in online classes. The findings of this study can shed further light on the ongoing search for the common instructional factors in teaching effectiveness irrespective of the instructional format.

The Journal of Real Estate Finance and Economics, Feb 1, 1998

Researchers have employed option pricing techniques to analyze mortgage ®nancing and valuation. A... more Researchers have employed option pricing techniques to analyze mortgage ®nancing and valuation. Alternative models (one-, two-, and three-variable models) employing different variables (short-and long-term interest rates and building value) have been designed to price mortgage securities. No prior research has addressed the question of whether the pricing accuracy of these contingent claims models improves as states increase or whether contingent claims models' valuation abilities generate reasonable estimates of primary mortgage market prices. The articles investigates the relative ef®ciency of each of these alternative mortgage valuation models in predicting primary market mortgage values. Our results show that a two-variable model (short rate and building value) is the most ef®cient. Valuation results indicate a positive pricing spread between the primary market and the theoretically estimated value.

... An aggregate analysis for the South Asian region is always biased by the inclusion of Indians... more ... An aggregate analysis for the South Asian region is always biased by the inclusion of Indianstatistics. ... basic conclusion of Safadi and Yeats, we go on to show that NAFTA, and the gradual abolition of the MFA, give new opportunities to further expand the apparel industry of Sri ...

Allied Academies National Conference page 8 In the ASEAN market, the daily indices used in the st... more Allied Academies National Conference page 8 In the ASEAN market, the daily indices used in the study are Jakarta Composite index of 1 Indonesia, Kuala Lumpur Composite index of Malaysia, Philippine Composite index of Philippines, Strait Times Industrial index of ...

The International Journal of Finance, 1998

Following the work of Fama, Fisher, Jensen, and Roll (1969) and Brown and Warner (1980,1985), sev... more Following the work of Fama, Fisher, Jensen, and Roll (1969) and Brown and Warner
(1980,1985), several studies have attempted to measure the effects of various important events on securities prices. This paper employs similar methodologies and also uses a multivariate regression model (MVRM) to examine the effects of the German reunification process on U.S. stock prices. The novelty of the approach lies in its implementation of a single system of equations to attempt to capture the individual effect of a series of events. The fundamental issue to be examined is whether a purely political process, taking place on the other side of the ocean and in a series of steps; affects the day to day movement of domestic stock prices. Evidence indicates that the reunification process in the aggregate has produced significant abnormal returns in some market segments, but significant reactions to individual events within the reunification process are less apparent.

Journal of Economics and Finance

Journal of Applied Business Research, 1997

The existence of market return anomalies have long been recognized in the finance literature. Sev... more The existence of market return anomalies have long been recognized in the finance literature. Several studies have documented the effects of size, dividend yields, E/P ratios, book-to-market value ratios, weekend, and turn of the year (January effect) on market returns. Still, much controversy surrounds the existence of, and explanations for the observed market anomalies. This study uses 1987-92 returns data to help provide more current evidence concerning market anomalies. A multivariate regression model (MVRM) is used to test for the presence of size effect, weekend effect, and January effect in this period. Evidence indicates the existence of a January effect for small firms, but other effects are not detected an any significant levels.</span>

Academy of Accounting and Financial Studies Journal

This paper studies the long-term investment diversification potential in the selected ASEAN (Indo... more This paper studies the long-term investment diversification potential in the selected ASEAN (Indonesia, Malaysia, Philippines, Singapore, and Thailand) equity markets using multivariate Johansen tests for cointegration. Daily index return data from these markets are used for the analysis. Results indicate that the return series in these markets are not cointegrated. The correlation coefficients among pairs of index returns are also quite low. The existence of low correlation and the lack of cointegration indicate an apparent independence of these markets. Consequently, the possibility of substantial gains exists from diversification across these markets.

The Bridge Connecting Your Past and future, 1997