The purpose of this article is to show on the example of Warsaw Stock Exchange, Poland (WSE) how in emerging capital markets dividends provide information about earnings quality as measured by their persistence. In the paper the regressions models of future earnings (in years t + 1 and t + 2)...

This paper studies the real mutual fund performance accounting for the presences of lucky funds. We quantify the impact of luck with an innovative measure built on False Discovery Rate (FDR). These FDR measures compute the number and the proportion of fund with truly positive and negative...

Until 2001, certain stock acquisitions could be accounted for as pooling-of-interests. There were concerns that pooling was associated with earnings fixation and weak corporate governance. I investigate the cross-sectional variation in the purchase-pooling choice and its association with...

Since the 1980s, industrial organizations have adopted practices such as Six Sigma to maintain and enhance competitiveness. It is expected that Six Sigma should work as a positive signal to convey quality expectations to both customers and investors. Financially speaking, Six-Sigma must be...

Performance Attribution is well established in low frequency equity management as a way to assign the portions of a fund's return to the distinct decisions the asset manager makes in attempting to achieve this performance. This article extends this idea to provide a workable framework for high...

James F. Reda & Associates, LLC conducted this study of proxy statement disclosures for selected companies from the Standard & Poor's large-cap stock indexes ("S&P large-cap companies") for 2006 and 2007 (as reported in 2007 and 2008). The purpose of this study is to provide a resource of...

We derive equilibrium asset prices when fund managers deviate from benchmark indices to exploit noise-trader induced distortions but fund investors constrain these deviations. Because constraints force managers to buy assets that they underweight when these assets appreciate, overvalued assets...

We use a sample of democratic firms (with 5 or less anti-takeover provisions) from the Investor Responsibility Research Center (IRRC) database and use idiosyncratic volatility as a proxy for information from the market of corporate control as in Ferreira and Laux (2007) to link the equity...

A market is typically considered to dominate price discovery if it is the first to reflect new information about the fundamental value. Our simulations indicate that common price discovery metrics – Hasbrouck information share and Harris-McInish-Wood component share – are only consistent...