Random walks in world money rates

Article Abstract:

Interest rate movements in seven industrialized countries are investigated. Evidence shows that changes in interest rates in Belgium, Canada, France, West Germany, Italy, Japan, the Netherlands and the UK deviate significantly from random walks. Findings indicate that, when measured over short horizons, interest rate changes reveal significant negative serial correlation. This suggests that short-term interest rates conform to a mean-reverting process. The interest rate changes become more similar to random walks as the time horizon lengthens.

Industrialized countries, Interest rates, Industrial nations, International finance, Random walks (Mathematics), Random walk theory

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Margin requirements and the behavior of silver futures prices

Article Abstract:

A study on the effects of margin requirements on the pricing process in the silver futures market is presented. Earlier research have ignored the effects of margin requirements on price volatility and price level, choosing instead tofocus on the relationship between changes in margin requirements and market trading activities. The study remedies this problem, with results indicating that price movements and price volatility are altered through changes in marginrequirements.

Security and commodity exchanges, Futures market, Futures markets, Margins (Security trading), Margins (Securities trading), Futures, Silver

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Valuation of closely-held firms: a survey

Article Abstract:

Members of the Financial Management Assn., American Society of Appraisers and Institute of Business Appraisers were surveyed to determine the techniques used to value closely-held firms. Results show significant differences in the techniques used by the three groups, with more than one technique often used for a single valuation. However, it is also argued that different techniques can lead to similar valuations.

Analysis, Close corporations, Valuation, Closely held corporations

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