Bernard J. Winger and Carl R. Chen are Professor and Associate Professor of Finance, respectively, at the University of Dayton; John D. Martin is Professor of Finance at the University of Texas; J. William Petty is Professor of Finance and Dean at Abilene Christian University; and Steven C. Hayden is Vice President, Kidder Peabody and Company. This paper represents a consolidation of two papers that were originally written separately by Winger and Chen and by Martin, Petty, and Hayden. The order in which the authors are listed reflects the order in which the two original papers were received. The Editor is grateful to Richard W. McEnally, who reviewed both papers and suggested a consolidation.