We study the behavior of short sellers as informed market participants and examine potential sources of their information. Using a newly available dataset with high-frequency short sales data, we find evidence of significant increases in short sales immediately prior to large insider sales, but...

We examine firms' financial reporting practices during stub periods that are induced by fiscal year changes and not covered by regular quarters. We find that firms report much lower income for the missing months than for adjacent quarters, mainly by recording higher operating expenses. We also...

High-frequency trading has become a dominant force in the U.S. capital market, accounting for over 70% of dollar trading volume. This study examines the implication of high-frequency trading for stock price volatility and price discovery. I find that high-frequency trading is positively...

This paper analyzes the relationship between public disclosure, private information and stock liquidity using a sample of 41 listed firms in the Tunis Stock Exchange in 2007. First, our results provide evidence that public and private information are independent. Second, Tunisian investors do...

In this paper we investigate whether the secondary market trading of syndicated loans compromises the quality of bank lending practices. We compare the performance of borrowers of traded loans following the initial trading event against the performance of borrowers of non-traded loans following...

Arguments about increased (market based) accounting accruals suggest that the information benefits accrue directly to investors (Barth, 2007; Barth et al., 2008). This paper compares Spanish and Australian accruals as a test of relative information asymmetry, measured by the ability of insiders to...

This study examines the value relevance of consolidated financial statements and cash flow statements in the Indian Stock market. In the recent years several new disclosures have been mandated in India including the cash flow statement and the preparation of consolidated financial statements....

In this paper we investigate the value relevance of accounting information for the Greek listed companies for the period 1995-2009. For our purpose we examine the way that two accounting variables, earnings and book value, affect the share price. According to our findings from the statistical...

Prior research demonstrates that investors respond differently to earnings surprises that are part of a string of consecutive earnings increases or surprises than to those that are not. To shed light on who values these patterns, I compare trading responses of small and large traders to earnings...

Survey evidence shows CFOs to believe that earnings management can enhance investor valuation of their firms. This evidence raises the question of correspondence between the beliefs of CFOs and investors. Surveying financial analysts to gain insight into how earnings management influences...