This paper studies short-selling prior to the release of analyst downgrades in a sample of 670 downgrades of NASDAQ stocks between 2000 and 2001. We document abnormal levels of short-selling in the three days before downgrades are publicly announced. Further, we show that this pre-announcement...

This paper analyzes changes in US equity values around the 2004 presidential election. At 4:00 PM on November 2, trading in George Bush's victory contract on Tradesports.com implied a probable defeat; early November 3, Bush was the winner. Because no other important event occurred in that...

Examines the overall effect of a state bond guarantee on state credit markets and individual municipalities. Analyzes the Texas School Bond Guarantee program and it's impact on the borrowing cost of school districts and other municipalities within the state.