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SECURITIES INVENTORIES AND EXCESS RETURNS
Author(s) -
Van Horne James C.,
Heaton Hal B.
Publication year - 1983
Publication title -
journal of financial research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.319
H-Index - 49
eISSN - 1475-6803
pISSN - 0270-2592
DOI - 10.1111/j.1475-6803.1983.tb00317.x
Subject(s) - maturity (psychological) , excess return , business , government (linguistics) , monetary economics , economics , financial economics , geography , psychology , developmental psychology , linguistics , philosophy , archaeology , context (archaeology)
In this paper, the inventory positions of government security dealers are analyzed for signs of their superior information relative to other participants in the market. Testing the 1966–1980 period on a monthly basis, it does not appear that information on the maturity composition of dealers' positions can be used, either concurrently or when it becomes publicly available, to earn excess returns.