Colleges and universities are rapidly expanding their use of technology to flip courses, where at least some of the content delivered synchronously in a traditional class is converted to asynchronous materials (e.g., recorded videos) the students learn from online in lieu of attending class....

The positive stock price reaction to stock buyback announcements reported in many previous studies is commonly interpreted as a signal that the firm's future profitability will rise, or that the firm is decreasing its agency costs by dispersing free cash flow, or that the firm is increasing its...

Many previous studies document a positive relation between research and development (Ramp;D) and equity value. Though Ramp;D can increase equity value by increasing firm value, it can also increase equity value at the expense of bondholder wealth through an increase in firm risk because equity...

Many previous studies document a positive relation between research and development (Ramp;D) and equity value. Though Ramp;D can increase equity value by increasing firm value, it can also increase equity value at the expense of bondholder wealth through an increase in firm risk because equity...

Many studies argue that differences in information across securities explain much of the cross-sectional variation in stock return volatility. We offer an explanation beyond that previously identified in the literature by developing a proxy for differential information. Our proxy follows from...

We examine a sample of 8,313 cases, between 1951 and 2001, where firms unexpectedly increase their research and development expenditures (Ramp;D) by a significant amount. We find consistent evidence of a mis-reaction, as manifested in the significantly positive abnormal stock returns that our...

We examine a sample of 1,175 firms following their acquisition of another firm. Consistent with previous work, we measure the operating performance of these firms in event-time, and find that they experience significantly positive abnormal operating performance subsequent to their acquisition....

Previous studies document negative long-term abnormal stock returns following seasoned equity offering (SEO) issuances, and conclude that markets are inefficient. Other studies, however, argue that these results are a manifestation of risk mismeasurment (i.e., the bad model problem), not market...

We examine a sample of 8,313 cases, between 1951 and 2001, where firms unexpectedly increase their research and development expenditures (Ramp;D) by a significant amount. We find consistent evidence that our sample firms are undervalued following their Ramp;D increases as manifested in the...

Previous studies ignore the fact that employee stock options are warrants because these options have been an insignificant component of firms' capital structures. I show that this assumption is no longer correct. For example, for more than 36 percent of my sample firms, employee stock options...