Our objective is to examine the sensitivity of simultaneous equations techniques in corporate
governance research. We model Tobin's Q, board composition, and managerial ownership …

We investigate the effect of board composition on overall corporate performance while controlling
for managerial ownership and other key variables. We recognize that both managerial …

… 2The estimations in this study were conducted independently by both authors using the
Shazam (Barnhart) and RATS (Szakmary) software. Because the error terms for certain countries …

This paper investigates the causal linkage between budget deficits and money growth in seven
major OECD countries using multivariate Granger-causality tests combined with Akaike's …

… Barnhart has investigated the efficiency of commodity prices with respect to the unanticipated
and anticipated components of a number of the same announcements considered here. …

This paper reexamines a familiar but unsettling result in the foreign exchange literature: that
the forward rate is not an unbiased predictor of the future spot rate. The paper outlines why …

Exchange‐traded funds (ETFs), like closed‐end funds (CEFs), are managed portfolios
traded like individual stocks. We hypothesize that the introduction of an ETF in an asset class …

A random coefficients Kalman filter model of the response of commodity prices to weekly M1
announcements indicates a gradual evolution in the credibility of the Federal Reserve as an …

A multivariate VAR modelling technique is employed in this paper to test for causality
between federal deficits and money growth in the United States. Four alternative causality …

This paper investigates the performance of mutual funds that hold a small number of stocks
in their portfolio. Similar to results reported in the literature for the average diversified mutual …