Ivan E Brick
S. Abraham Ravid -
Brick, Graduate School of Management, Rutgers University, Newark, NJ 07102; Ravid, Rutgers University and Haifa University, Israel. The authors are indebted for comments received from Nabil Adam, Michael Brennan, AH Dogramaci, Larry Fisher, Larry Goldberg, Avner Kalay, Patricia Smith, Brett Trueman, Roberto Wessels, and the participants of the finance workshops at Rutgers University, University of Utah, Baruch College, and University of California, Los Angeles. An earlier version of the paper was presented at the Eastern Finance Association Meetings, April 1987, and the European Finance Association Meetings, September 1987. The authors are especially indebted to the anonymous JFQA referee for his comments. This paper has been partially funded by The New Jersey Center for Research in Financial Services