In this third edition we seek to build on our experiences and the suggestions of users of the
two previous editions. The feedback that we have received from all sources confirms our …

The performance of Value Line Investment Survey recommendations made between 1965
and 1978 is evaluated by applying a future benchmark technique. The future benchmark …

THERE HAS BEEN CONSIDERABLE empirical research on the return behavior of common
stocks in calendar intervals surrounding stock splits. A partial list includes work by Barker [2]; …

Perhaps the simplest way to test a program is by compiling and running it. You write some
code, compile it, and all's well. Perhaps you run the compiler with warnings turned all the way …

An individual who chooses to serve as a market‐maker is assumed to optimize his position
by setting a bid‐ask spread which maximizes the difference between expected revenues …

SUPPOSE AN ASSET MARKET exists where individuals receive information sequentially
and in random order. Start with an initial equilibrium where they all possess an identical set of …

We develop a model of stock-split behavior in which the split serves as a costly signal of
managers' private information because stock trading costs depend on stock prices. We present …

Have you ever been involved in a capital investment decision where the net present value
calculations proved negative, but the management team decided to go ahead anyway? Or …

… TOM COPELAND VLADIMIR ANTIKAROV …

Changes in the Market Volatility Index (VIX) of the Chicago Board Options Exchange are
statistically significant leading indicators of daily market returns. On days that follow increases …