The emphasis on study abroad programs is growing in the academic context as U.S. based universities seek to incorporate a global perspective in education. Using a model that has underpinnings in the theory of planned behavior (TPB), we predict students’ intention to participate in short‐term study abroad program. We use TPB to identify behavioral, normative, and control beliefs pertinent to the study abroad context. Our research model hypothesizes that intention is predicted by affordability, willingness to pay, and desire. Moreover, willingness to pay is explained by future job prospects, family expectations, and administrative support. We believe that the elements of TBP are reflective of categories of factors that have been demonstrated as important in the context of short‐term study abroad decisions, but that have not been included in previous studies applying TPB to a study abroad context. We test our research model through a survey of 254 undergraduate business students at a southern U.S. university, and find support for all our hypotheses. Results from our study aid in the understanding of students’ decision‐making process to participate in a short‐term study abroad program and have implications for education and learning in the study abroad context. We also contribute to the extant research in TPB by applying it to the context of studying abroad programs and by identifying, and finding support for, a mediated relationship between beliefs and intentions.

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We investigate the reaction of bank equity returns to changes in the relevant Federal Reserve (Fed) policy tool, which is the federal funds rate during periods of interest rate targeting and the discount rate during periods of reserves targeting. Three policy periods from 1974 to 1996 are investigated. We find that bank equity returns are inversely related to changes in the relevant Fed policy tool and that the degree of sensitivity of bank equity returns is conditioned on the direction of the change in the Fed policy tool. Also, we find that values oflarger commercial banks and low-capital-ratio commercial banks are more exposed to changes in the relevant Fed policy tool.JEL classification: GIl, G12, G14.

Our objective is to investigate the short-term over-or underreaction of six U.S. stock market indexes. We find evidence of a one-day underreaction for winners (days on which an index experiences abnormally high returns) and losers (days on which an index experiences abnormally poor performance). We also find strong evidence of a sixty-day underreaction for winners. For losers, abnormal returns turn from negative to positive as the period is extended, resulting in significant reversals over the sixty-day period. Results are generally consistent for each of the six indexes. Overall, these results provide strong support for the uncertain information hypothesis. JEL classification: G14 I. Contribution and PurposeVarious studies address overreactions in equity markets and the subsequent reversals of these excessive reactions. The term "overreaction" implies a reaction larger than one considered normal in light of a simultaneous information release. In a statistical sense, a normal reaction involves a revision of probabilities in accordance with Bayes' rule. Thus, overreaction violates the basic statistical principle that the extremeness of predictions must be moderated by considerations of predictability; a larger weight than called for by Bayes' rule is attached to the most recent information. This is called the overreaction hypothesis.In equity markets, an overreaction implies a larger share price reaction (in absolute terms) to recent news than would occur if investors revised their beliefs regarding future expectations rationally in accordance with Bayes' rule. That is,The authors would like to thank Rob Hansen (previous JFR editor), an anonymous JFR reviewer, Marilyn Wiley (Florida Atlantic University), and Emilio Zarruk (Florida Atlantic University) for their helpful comments and suggestions. Participants at the 1998FMA Doctoral Consortium also provided many valuable insights, especially Kent Daniel (Northwestern University).