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  • Influence
Default Risk, Shareholder Advantage, and Stock Returns*
This paper examines the relationship between default probability and stock returns. Using the Expected Default Frequency (EDF) of Moody's KMV, we document that higher default probabilities are notExpand
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Who Drove and Burst the Tech Bubble?
From 1997 to March 2000, as technology stocks rose more than five-fold, institutions bought more new technology supply than individuals. Among institutions, hedge funds were the most aggressiveExpand
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Local Religious Beliefs and Mutual Fund Risk-Taking Behaviors
TLDR
We study the effects of local religious beliefs on mutual fund risk-taking behaviors. Expand
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Can Managers Use Discretionary Accruals to Ease Financial Constraints? Evidence from Discretionary Accruals Prior to Investment
Despite a large literature on discretionary accruals, how the use of discretionary accruals impacts corporate financial decisions is not well understood. We hypothesize that a financially constrainedExpand
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Price Impact or Trading Volume: Why is the Amihud (2002) Measure Priced?
The return premium associated with the Amihud (2002) measure is generally considered a liquidity premium that compensates for price impact. We find that the pricing of the Amihud measure is notExpand
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Examining the Dark Side of Financial Markets: Do Institutions Trade on Information from Investment Bank Connections?
Institutions often have access to corporate inside information through their connections, but relatively little is known about the extent to which they exploit their informational advantage throughExpand
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Examining the Dark Side of Financial Markets: Who Trades ahead of Major Announcements?
Institutions often have access to inside corporate information through their connections but little is known about the extent to which institutions might exploit their informational advantage throughExpand
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How Informed are the Smart Guys? Evidence from Short-Term Institutional Trading Prior to Major Events
We examine the information content of trading by examining institutional investors' ability to trade in the correct direction in the days immediately preceding large value-relevant events. Prior toExpand
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Local Religious Beliefs and Mutual Fund Risk-Taking Behaviors
We study the effects of local religious beliefs on mutual fund risk-taking behaviors. Funds located in low-Protestant or high-Catholic areas exhibit significantly higher fund return volatilities.Expand
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