From the editors.

The papers published in this issue were presented at a 2006 Symposium organized by the Financial Services Institute, housed at the Peter J. Tobin College of Business, St. John's University. All papers that were presented at this Symposium were reviewed by two referees. One was a member of the Financial Services Institute, while the other was either a faculty member of the Tobin College of Business, or from another university.

A committee composed of 16 senior researchers from different universities was appointed to serve as judges for the Best Paper and Best Discussant Awards. The papers in this issue of the Review of Business are those that received the most votes by the judges. (A few papers had prior commitments to other journals.)

The Best Paper awards were given to the following authors:

Anna D. Martin, St. John's University and Aigbe Akhigbe, University of Akron:

Influence of Disclosure and Governance on Risk Shifts Following Sarbanes-Oxley: Evidence from the Financial Services Industry

Rong Qi, St. John's University and Qiao Liu, University of Hong Kong:

Information and Accruals Strategy: When Does the Market Mis-price Accruals?

John Neumann, St. John's University:

Demonstrating Arbitrage using DIAmonds and the Dow Jones Industrials Index

Keith Moore and Igor M. Tomic, of the Tobin College of Business, St. John's University:

Baby Boomers' Effect on Equity Prices: a Tsunami or a Tempest in a Tea Pot?

In the Best Discussant category, most votes were received by:

Tim Yeager, University of Arkansas

Jim Thompson, St. John's University

Laura Lee Mannino, St. John's University

In addition, a Featured Paper Award was given for Have the New Universal Banks Benefited from The Gramm Leach BlileyAct?, which was presented at the Symposium by Tim Yeager, University of Arkansas; Fred C. Yeager and Ellen Harshman, St. Louis University.

About the Financial Services Institute [FSI]

The Financial Services Institutes resides at the Tobin College of Business, St. John's University. Its primary mission is to be a center of education and research, to explore ways in which financial services can improve the welfare of citizens in a capitalist society, as well as lift people from poverty. To achieve the mission's objective, the FSI serves as a catalyst that joins students, faculty, alumni, and not-for-profit organizations with the financial services industry. The Institute organizes seminars, symposia, and provides financial instruction/advice.

The Financial Services Institute was formed by Don Pitti in 1995. Before forming FSI, he was the President and CEO of Seligman Financial Services Inc., and also a Managing Director of J. & W. Seligman & Co., an investment advisory firm that manages over $45 billion in assets. Through the years the Institute has been involved in research activities, most notably:

* A white paper for Merrill Lynch that was done with Dr. Francis Lees on the impact of the proposed new financial services regulations on community banks.

* For five consecutive years we hosted a Financial Planning Day for the Queens community. Held at St. John's Queens campus, it featured outstanding speakers, including Abby Joseph Cohen from the financial services industry.

* We helped develop the Student Managed Investment Fund and a course on the Marketing of Financial Services, a financial curriculum for the Vincentian acculturation program for international priests, and a series of financial seminars for the SJU Retirees Association.

* A yearly symposium is conducted where the latest academic and industrial research is presented.

* The institute has extended its assistance to non-profit firms, helping each of them to organize a business plan.

* Most of all, we have been working with students, helping them understand the financial services industry and helping them obtain employment in the industry when they graduate. We have been notably successful with such firms as Goldman Sachs, Lehman, Merrill Lynch, JP Morgan Chase, and Citigroup.

Listed below are the principals and the advisors of the Financial Services Institute:

Board of Governors

Prof. Donald Pitti, FSI Founding Director, Dept. Economics and Finance

Dr. Steven Papamarcos, Dean, Tobin College of Business

Dr. Thomas Liaw, Chairman, Dept. of Economics and Finance

Dr. Vipul Bansal, FSI Treasurer, Associate Professor, Dept. of Economics and Finance

Dr. Igor Tomic, FSI Academic Director, Associate Professor, Dept. of Economics and Finance

Advisory Board

Academic

Dr. John Angelidis, Professor, Dept. of Management

Dr. Hilmi I. Elifoglu, Associate Professor, Dept. of Accounting

Dr. Ed Flowers, Professor, Dept. of Economics and Finance

Dr. Therese Pactwa, Associate Professor, Dept. of Economics and Finance

Dr. T. Homer Bonitsis, Associate Professor, Dept. of Finance, NJIT and Rutgers

Practitioners

Mr. Charles Menges, Principal, Bernstein Research and Management

Mr. Thomas Ruhm, Legal Counsel, retired, Bessemer Securities Corp.

Mr. Dennis J. Kelly, Senior VP, Janney Montgomery Scott, LLC

Founding Corporate Sponsor

Denis P. Kelleher, Chairman, Chief Executive Officer and Founder of Wall Street Access

In Appreciation of Service

The Financial Services Institute is very grateful to all the volunteers who served as the Symposium's referees, session chairs, discussants, and judges for the Best Paper/ Discussant awards. Unless indicated, the persons named below are members of the St. John's faculty.

Symposium Referees:

Nicos Scordis

Homer Bonitsis, NJIT

Don Pitti

Ibrahim Badawi

Rong Qi

Keith Moore

John Angelidis

Igor Tomic

Therese Pactwa

Laurence Mauer

Session Chairs:

Don Pitti

Keith Moore

Charles Clark

Homer Bonitsis, NJIT

Therese Pactwa

Nicos Scordis

Laurence Mauer

Rong Qi

Ivan Able Therese Pactwa

John Neumann

Discussants:

Ali Kucukcolak, Istanbul Stock Exchange

Anna D. Martin

Ed Flowers

Juan Dempere, Metro. State, Denver

Laura Lee Mannino

Irene McCarthy

Victoria Shoaf

Jim Thompson

Anthony Pappas

Nicos Scordis

Keith Moore

Tim Yeager, U. of Arkansas

Anne-Marie Anderson, Lehigh U.

Homer Bonitsis, NJIT Vipul Bansal

Patrick J. McGuigan, Pace U.

Ronald Moy

Best Paper/Discussant Committee

Co chairs: T. H. Bonitsis (NJIT), H. I. Elifoglu (SJU) Tim Yeager, U. of Arkansas Anna D. Martin Ali Kucukcolak, Istanbul Stock Exchange Ed Flowers Juan Dempere, Metro. State, Denver Therese Pactwa Agatha Jeffers, Montclair State U. Vipul Bansal Anne Zissu, Temple U. Nicos Scordis Victor Ricciardi, Kentucky State U. Laurence Mauer Anne Marie Anderson, Lehigh U. Jim Thompson

Victoria Shoaf

FSI Editors:

Prof. Ed Flowers, Board of Advisors, Financial Services Institute

Prof. Igor M. Tomic, Academic Director, Financial Services Institute

Contact: tomici@stjohns.edu

Igor M. Tomic, The Peter J. Tobin College of Business, St. John's University

Ed Flowers, The Peter J. Tobin College of Business, St. John's University