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An Investigation of the Informational Role of Short Interest in the Nasdaq Market
This paper examines the relationship between the level of short interest and stock returns in the Nasdaq market from June 1988 through December 1994. We find that heavily shorted firms experienceExpand
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Earnings Preannouncement Strategies
We examine the disclosure strategies managers follow when theyd “preannounce” quarterly earnings shortly before formal earnings announcements. We document that managers with bad news releaseExpand
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Fair value disclosures by bank holding companies
This paper analyzes the fair value data disclosed by bank holding companies under SFAS 107 and addresses some of the issues raised in the debate on the relevance of fair value accounting. The paperExpand
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Risk Measurement and Hedging: With and Without Derivatives
This paper examines a setting in which the derivatives strategies of two firms are known, but completely different. One firm aggressively hedges its risk using derivatives. The other firm uses aExpand
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Estimating the Permanent Component of Accounting Earnings Using the Unobservable Components Model: Implications for Price-Earnings Research
This study proposes the unobservable components (UC) model as a conceptually and statistically superior approach to modeling the stochastic properties of accounting earnings. Based on the UC model,Expand
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An Empirical Evaluation of the Usefulness of Non-GAAP Accounting Measures in the Real Estate Investment Trust Industry
We conduct three sets of analyses to compare the usefulness of net income, based on generally accepted accounting principals (GAAP), and the industry-advanced funds from operations (FFO) in theExpand
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Asset Bubbles and Market Crises
Asset bubbles—characterized by investment booms, euphoria, and then panic—have been a feature of the financial landscape for centuries. They have become more frequent in recent times as globalExpand
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Risk Measurement and Hedging
It is difficult to judge the intentions and performance of corporate managers when it comes to their risk management programs. To evaluate the effectiveness of a risk management program or to testExpand
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The Effect of Wholesale Market Deregulation on Shareholder Wealth in the Electric Power Industry*
This paper analyzes electric utility stock price reactions to events preceding the passage of the Energy Policy Act of 1992, a development that precipitated the onset of competition in the wholesaleExpand
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Does the Market Listen to Whispers?
In this study, we investigate the characteristics and information content of whisper forecasts of earnings. Based on data on earnings whispers obtained from public sources and from one privateExpand
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