Eleven papers in this volume present some current interesting and
important research in finance. Based upon the CAPM, Chen and Kane
show that double taxation and differential tax rates on a personal
and capital-gains income, affect corporate stock values and
financial policies in nonneutral ways. Sengupta shows tax evasion
decisions of a monopolist in a price-ceiling regulatory
environment. In their paper, Osterberg and Thomson empirically
examine the impact of state-level deposit preference laws on
resolution type and costs for all operating FDIC-BIF insured
commercial banks that were closed, or required FDIC financial
assistance, from January 1986 through December 1992. Peek and
Wilcox show that during periods of international financial crises,
or of domestic economic stress, the government-sponsored
enterprises (GSEs) are well suited to stabilize mortgage markets.
In their paper, Chen, Robinson and Siems empirically show the
association between banks' subordinated debt and their loan sales
activities and its implications in the transmission mechanism of
monetary policy.
Also in this volume, Lin et al. use the Granger causality test to
examine the linkage between the euro exchange rate and the money
supply and GDP in the euro community, as well as its impact on the
UK exchange rate and the London stock exchange market index. In
their paper, Kane and Muzere extend the Diamond-Dybvig model of
bank runs to an open market economy and show that adding the
central banks and the IMF, guarantees will reduce, but not
eliminate the banking as well as currency crises. The paper by
Chung et al. empirically shows the presence of a long memory,
property in currency, future markets, anddiscusses its hedging
implications. In their paper, Lee, Lee and Yu develop a valuation
model for the pension benefit guarantees that incorporates the plan
termination conditions as well as a stochastic interest rate. In a
case study, Hung et al. empirically show that the specially
designed dividends (SDD) have positive signals in the Taiwan Stock
Exchange. Finally, in their paper, Guerard and Mark show that the
use of an R&D quadratic term enhances the mean-variance
efficient portfolios and stockholder returns.
General
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