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The purpose of this paper is to provide a SAS program for an efficient portfolio given a short sale restriction.

We provide a 50-stock portfolio given 50 weekly stock returns. We contrast results with a 50-stock portfolio without a restriction.

We portfolio weights and utility scores for a range of returns from zero to 2.06%.

This program can be used for any sized portfolio.

This is the first SAS program for a 50-stock portfolio given return information.

The authors contrast Beckett and Professional Sports Authenticator (PSA) baseball card valuations. Also, the authors contrast the Bill James statistics for winshares (WIN) and reference.com statistics for wins above replacement (WAR).

This study examines the impact of analytics on Topps 1957 baseball card values.

The authors' examination of variables that influence Topps 1957 baseball card values yields similar results for mint and very good rated cards over the early period (1982), pre-strike (1989), post-strike (1998) and recent (2009) periods. In single variable and multiple regressions, Baseball Hall of Fame (HOF) membership and New York Yankee (NYY) nostalgia coefficient are significant at the 5% level or higher for mint and very good rated cards over all reported periods. The Brooklyn Dodger (BD) parameter is significant at the 5% level or higher in single variable regressions for all reported periods and for 1982 and 1989 for multiple regressions. Reflecting a lack of nostalgia, the New York Giant card coefficients are statistically insignificant over all periods. Also, the authors see a lack of negative bias for Black-player cards. The authors observe that Black-player card coefficients are positive and sometimes statistically significant. This indicates a positive relationship between Black-player cards and prices.

This is the first study to examine the impact of WINS and WAR analytics on baseball card values.

The purpose of this paper is to provide a comprehensive initial evaluation of the Super Bowl Indicator (SBI) from 1966 to 2015.

The authors evaluate the predictive ability of the SBI over two different time periods on four stock market indexes. Also, the authors compare the SBI predictive ability with other alternative indicators based on Super Bowl results as well as that of the January barometer (JB). As a robustness check, the authors examine whether the JB can predict Super Bowl outcomes. The authors use Granger causality to reduce the threat of spurious correlation.

The SBI surpasses the competition in both time periods, but it is evident that its predictive powers have waned since 1989. The authors find that the pre-Super Bowl January performance of the New York Stock Exchange is an impressive predictor of whether a team from the original National Football Conference won the big game between 1967 and 1988. Also, for the 1989-2016 period, the authors observe that the JB is a significant predictor whether the pre-game favorite wins or loses.

This study makes several contributions to the literature. The authors examine the SBI against four market indexes (Dow Jones Industrial Average, Standard and Poor’s 500 Index, and NASDAQ) with raw and point spread-adjusted scores. Testing a corollary to the SBI, this study is the first to examine the influence of the JB (sometimes called the January effect) on Super Bowl results.

The purpose of this paper is to provide a comprehensive initial evaluation of the changing issuer objective and partial price adjustment hypotheses as applied to carve‐out parent initial and three‐year returns for the period 1988‐2006.

Using five primary variables: the percentage of the subsidiary retained by the parent, the ratio of offering size to parent market capitalization, filing range adjustments, the percentage of the offering used to retire subsidiary debt or to pay dividends, and the CBOE volatility index to predict initial and three‐year returns, the paper shows that ex ante variables can predict carve‐out parent initial and three‐year returns.

The paper shows that public information known prior to the offer date influences 7.52 percent of the variation in announcement, 5.57‐38.31 percent of the variation in ex‐date and 6 percent of the variation in three‐year market‐adjusted equity carve‐out parent returns.

This study makes several contributions to the literature. Although prior studies focus on ex post determinants of equity carve‐out returns, this study is the first to explore ex ante predictors of equity carve‐out parent returns. The implications of these results are that publicly available information known prior to the carve‐out offering date can influence market‐adjusted initial and three‐year parent carve‐out returns and can explain 6‐17 percent of the variation.

The purpose of this paper is to provide a comprehensive initial evaluation of the wealth transfer hypothesis as applied to the second‐stage events and announcements that follow carve‐outs during the period from 1983 to 2004.

Using daily security prices, such combinations are shown to have multi‐faceted wealth transfers and wealth creation.

In contrast with the wealth losses found in previous studies, wealth increases are observed for parent stockholders and bondholders in the spin‐off announcement and event phases for combination carve‐outs and spin‐offs. Also, the spin‐off is the most prevalent second divestiture choice for parents with traded debt.

This study makes several contributions to the literature. First, in contrast with recent wealth transfer studies that use monthly bond returns, daily stock and bond returns are used to examine the wealth effect for parent stockholders and bondholders during the announcement and ex‐dates of second‐stage events. Second, in contrast with previous studies that found a wealth transfer from bondholders to stockholders in the spin‐off phase, statistically significant wealth retention was observed for bondholders and for stockholders at spin‐off and other second event announcements. Third, the results reflect that increased collateral from the carve‐out phase lessens the potential for bondholder wealth loss in the spin‐off phase.

The purpose of this paper is to provide a comprehensive initial evaluation of divestiture gains for reacquired carve‐out parent and subsidiary second event and three‐year returns for the period 1980‐2010.

Using several variables, we contrast reacquired carve‐out parent and subsidiary second event returns with those for acquired carve‐outs. Similarly, we contrast carve‐out parent three‐year returns.

We observe several differences between reacquired (RACO) and acquired (AQCO) carve‐outs. Indicating less competition for RACO prices, RACOs have lower market capitalization on the day before reacquisition. Supporting a certification effect for Thermo Electron, parent three‐year post reacquisition returns are positive versus negative returns for other RACO parents. Our multiple regression variables explain 27.53 percent of the subsidiary reacquisition announcement returns of 11.63 percent and explain 19.84 percent of the variation of parent three‐year returns.

This study makes several contributions to the literature. It is the first study to contrast the long‐term results of reacquired carve‐outs and their parents with those of acquired carve‐outs and their parents. Also, Gleason et al.’s study of reacquired carve‐outs has been extended in several ways. First, parent company three‐year returns after the reacquisition was examined. Next, returns for reacquired carve‐outs were contrasted with acquired carve‐outs. Updating Allen's study, it is reported that, except for one subsidiary acquired by a third party, all subsidiaries were reacquired by Thermo Electron.

The severe underrepresentation of African American males in counseling and psychology is significant, especially in light of these fields’ mandates as health professions. In this chapter, I will use a within-race intersectionality paradigm (gender, class, skin color) to inform my analysis of factors that affect the presence of African Americans males on counseling and psychology faculties. I will briefly elucidate factors that, early on, effectively “weed out” African American males from the pool of aspirants for higher education, and thence, from counseling and psychology programs and faculties. I will apply cooperative inquiry – a radical peer-to-peer research method regarded as a well-developed action research approach – to explore Black males’ experience along a range of narratives.

The purpose of this paper is to examine the survivability of 810 reverse splits during the 1995-2006 period and show that companies that undertake reverse stock splits often fail within a relatively short time following the split.

Applying both a logit model and an adapted version of the Hensler et al. (1997) accelerated failure time model to 810 reverse splits during the 1995-2006 period, the authors are the first to study the survivability of reverse split companies.

The paper finds that the market reaction to the reverse split on the ex-date is an important predictor of the likelihood of survival and of survival time. The paper finds that the likelihood of survival also depends on firm size, pre-split firm returns, and the post-split share price level. The paper finds that post-split survival time also depends on firm size, pre-split operating performance as measured by return on assets, pre-split firm returns, leverage, and the post-split share price level.

The study may be of interest to investors considering investing in stocks that have undergone reverse splits.

The research sheds light on which reverse splitting firms are most likely to survive and for how long.