We examine the link between scheduled FOMC meetings and the VIX uncertainty measure. Our results indicate that regardless of the pre-scheduled status of such meetings, the VIX significantly declines on meeting dates, which we attribute to the resolution of uncertainty regarding future interest...

We examine the payout policy of U.S. firms over the period 1980-2008. Prior research indicates that firm characteristics, managerial preferences, and investor clienteles are all important factors in setting payout policy. We examine the roles of these factors and seek to determine which drives...

We consider which readily observable characteristics of individual stocks (e.g., option implied volatility, accounting data, analyst data) may be used to forecast subsequent extreme price movements. We are the first to explicitly consider the predictive influence of option implied volatility in...

We examine the payout policy of U.S. firms over the period 1980-2008. Prior research indicates that firm characteristics, managerial preferences, and investor clienteles are all important factors in setting payout policy. We examine the roles of these factors and seek to determine which drives...

We utilize Compustat quarterly data and earnings announcement dates to study how the time from the end of firms' quarters to the announcement of the firm's earnings has varied, on average, during 2005-2015. In addition, we study how the advent of XBRL may have affected the timeliness of firms'...

We examine the response of U.S. (VIX) and German (VDAX) implied volatility indices to the announcement of interest rate policy decisions by the Federal Open Market Committee (FOMC) and the European Central Bank (ECB). We present new findings that indicate that VDAX declines on FOMC meeting days,...

Theories of CSR value under a real-option framework suggest that the payment of dividends serves as an opportunity cost. Two resulting predictions are that: 1) the payment of dividends restricts the ability to spend on CSR and 2) the value of CSR spending is lower for dividend paying firms. We...

We propose a generalized, practitioner-oriented operating-leverage model for predicting operating income using net sales, cost of sales, depreciation, and SG&A. Prior research links operating income directly to these items; hence, our model includes all aggregate revenues and expenses that...

We examine the payout policy of U.S. firms over the period 1980-2008. Prior research indicates that firm characteristics, managerial preferences, and investor clienteles are all important factors in setting payout policy. Counter to the oft-reported positive relation between senior citizens and...

We consider which readily observable characteristics of individual stocks (e.g., option implied volatility, accounting data, analyst data) may be used to forecast subsequent extreme price movements. We are the first to explicitly consider the predictive influence of option implied volatility in...