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- Publications
- Influence
Short Sale Constraints, Differences of Opinion, and Overvaluation
- Rodney D Boehme, Bartley R. Danielsen, S. Sorescu
- Economics
- 1 June 2006
Miller (1977) hypothesizes that dispersion of investor opinion in the presence of short-sale constraints leads to stock price overvaluation. However, previous empirical tests of Miller's hypothesis… Expand
Evidence of Bank Market Discipline in Subordinated Debenture Yields: 1983-1991
- M. Flannery, S. Sorescu
- Economics, Business
- 1 September 1996
The authors examine debenture yields over the period 1983-91 to evaluate the market's sensitivity to bank-specific risks and conclude that investors have rationally reflected changes in the… Expand
Why Do Option Introductions Depress Stock Prices? A Study of Diminishing Short-Sale Constraints
- Bartley R. Danielsen, S. Sorescu
- Economics
- 1 February 2001
Early studies find that option introductions tend to raise the price of underlying stocks. More recent research indicates that post-1980 option introductions are associated with negative abnormal… Expand
The Long‐run Performance Following Dividend Initiations and Resumptions: Underreaction or Product of Chance?
- Rodney D Boehme, S. Sorescu
- Economics
- 1 April 2002
We examine the long-term stock performance following dividend initiations and resumptions from 1927 to 1998. We show that postannouncement abnormal returns are significantly positive for equally… Expand
The Effect of Options on Stock Prices: 1973 to 1995
- S. Sorescu
- Economics
- 1 February 2000
I show that the effect of option introductions on underlying stock prices is best described by a two-regime switching means model whose optimal switch date occurs in 1981. In accordance with previous… Expand
Smart Money, Dumb Money, and Capital Market Anomalies
- F. Akbas, W. Armstrong, S. Sorescu, A. Subrahmanyam
- Economics
- 19 March 2015
We investigate the dual notions that “dumb money” exacerbates well-known stock return anomalies and “smart money” attenuates these anomalies. We find that aggregate flows to mutual funds (dumb money)… Expand
A Reexamination of Corporate Governance and Equity Prices
- S. Johnson, T. Moorman, S. Sorescu
- Business, Economics
- 5 May 2008
We reexamine long-term abnormal returns for portfolios sorted on governance characteristics. Firms with strong shareholder rights and firms with weak shareholder rights differ from the population of… Expand
Idiosyncratic Risk and the Cross-Section of Stock Returns: Merton (1987) Meets Miller (1977)
- Rodney D Boehme, Bartley R. Danielsen, P. Kumar, S. Sorescu
- Economics
- 1 August 2009
Merton [1987. A simple model of capital market equilibrium with incomplete information. Journal of Finance 42, 483-510] predicts that idiosyncratic risk should be priced when investors hold… Expand
The Cross-Section of Analyst Recommendations
- S. Sorescu, A. Subrahmanyam, A. Subrahmanyam
- Business
- 13 September 2004
We analyze the relation between analyst attributes (years of experience, reputation of the analysts’ brokerage houses) and the short- and long-term price reactions to recommendations made by the… Expand
Why Do Option Introductions Depress Stock Prices? An Empirical Study of Diminishing Short-Sale Constraints
- Bartley R. Danielsen, S. Sorescu
- Economics
- 1 February 2001
Early studies find that option introductions tend to raise the price of underlying stocks. More recent research indicates post-1980 option introductions are associated with negative abnormal returns… Expand