This journal and the individual contributions contained in it are protected under copyright by Elsevier Science S.A., and the following terms and conditions apply to their uses:

Photocopying
Single photocopies of single articles may be made for personal use as allowed by national copyright laws. Not-for-profit educational institutions, and lecturers attached thereto, subscribing to the Journal of Financial Economics, are permitted to photocopy isolated articles for non-profit educational classroom use without a fee. Permission of the publisher and payment of a fee is required for all other photocopying, including multiple or systematic copying, copying for advertising or promotional purposes, resale, and all forms of document delivery.

Permissions may be sought directly from Elsevier Science Global Rights Department, PO Box 800, Oxford OX5 1DX, UK; phone (+44) 1865 843830, fax: (+44) 1865 853333, e-mail: permissions@elsevier.com. You may also contact Global Rights directly through Elsevier's home page.

In the USA, users may clear permissions and make payments through the copyright Clearance Center, Inc., 22 Rosewood Drive, Danvers, MA 01923, USA; phone (978) 7508400, fax: (978) 7504744, and in the UK through the copyright Licensing Agency Rapid Clearance Service (CLARCS), 90 Tottenham Court Road, London W1P 0LP, UK; phone: ( +44) 20 7631 5555; fax: ( +44) 20 7631 5500. Other countries may have local reprographic rights agency for payments.

Derivative Works
Subscribers may reproduce tables of contents or prepare lists of articles including abstracts for internal circulation within their institutions. Permission of the publisher is required for resale or distribution outside the institution.

Electronic storage or Usage
Permission of the publisher is required to store or use electronically any material contained in this journal, including any article or part of an article.
Except as outlined above, no part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the publisher.

Address permissions requests to Elsevier Science Global Rights Department, at the mail, fax, and e-mail addresses noted above.

Notice
No responsibility is assumed by the Publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. Because rapid advances in the medical sciences, in particular, independent verification of diagnoses and drug dosages should be made.

Although all advertising material is expected to conform to ethical (medical) standards, inclusion in this publication does not constitute a guarantee or endorsement of the quality or value of such product or of the claims made of it by its manufacturer.

  © Copyright 1996-2006, Journal of Financial Economics

Return to JFE Home Page