An analysis of the Standard and Poor's stock appreciation ranking system

Article Abstract:

The usefulness of the stock appreciation ranking system (STARS) of Standard and Poor's Corp was evaluated on both frozen basis and managed basis for the first two years of operation from Jan 11, 1989 to Jan 10, 1991. Results showed that the STARS portfolios performed well on a frozen basis. Although the five-star portfolio did better than the market index, the one-star portfolio performed atlower than the market index. Inconsistent results were demonstrated by the managed portfolios with none of these outperforming the market index. Only the one-star portfolio met the expected performance.

Book publishing, Security brokers and dealers, Periodicals, Analysis, Management, Portfolio management, Standard & Poor's Corp.

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Speculative activity and stock market volatility

Article Abstract:

Speculative trading does not cause stock market volatility, thus, heightened regulatory measures involving margin requirements and program trading restrictions are unjustified. Cash market volatility in the S&P 500 index has no direct correlation with futures commitments, number of speculators, and contract sizes made between the first quarter of 1986 to the third quarter of 1995. Therefore, the stock market could not be stabilized by securities regulation, although it remains to be seen whether this conclusion is applicable to commodity and other financial markets.

Commodity Exchanges, Economic aspects, Futures, Stock index futures

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An examination of the performance of SEOs using a comparison period approach

Article Abstract:

The market-adjusted performance of firms in periods when there was no high issue volume activity is consistently superior to their performance following seasoned offers. The authors believe this is due to the tendency to overvalue issues and optimism on the part of the firms.

United States, Securities & Commodities Exchanges, Statistical Data Included, Going public (Securities), Initial public offerings

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