This study extends the research on closed-end fund performance persistence by investigating whether the persistence of both net asset value (NAV) and market price returns of U.S. registered closed-end funds is related to various fund characteristics. The sample consists of 505 closed-end funds,...

Entrepreneurship is not only used to create a business idea, but also to restructure a business in response to environmental conditions. Firms that issue equity after emerging from bankruptcy are unique in that they exhibit less asymmetric information than other firms that issue equity. They...

In this study, we assess the balance sheet exposure of commercial banks to the real estate market, and develop a hypothesis on the potential systematic effects of real estate conditions across banks. By applying a seemingly unrelated regression (SUR) model to bank portfolios, we test for the...

The response of nineteen national stock market indexes to large movements in a world index is tested separately from a local investor and a U.S. perspective. There is substantial evidence that some countries overreact while others underreact. To the extent that the over- and underreactions can...

We test a theory about ambiguity surrounding the distribution of fundamental values to determine how market uncertainty affects earnings guidance perception and behavior. We find a more pronounced negative share price response to negative earnings guidance and a lower likelihood that management...

The increased government efforts to pursue insider trading charges against Galleon Group and the subsequent increase in penalties for violating insider trading laws can deter managers from leaking information and deter investors from capitalizing on leaked information before earnings guidance...

We show that the firm's decision to pay special dividends is related to its investment opportunities based on growth options that are available within the prevailing economic environment. Specifically, firms are more likely to pay special dividends when their investment opportunities are...

Target and bidder reference points have separate and joint effects on merger deals. A firm whose stock price is more distant from its 52-week high reference point is less likely to attract bids but has a greater likelihood of being acquired by its own managers (versus unaffiliated bidders). Firm...

We examine an effect of Regulation Fair Disclosure (Reg FD) on voluntary public managerial guidance information quality. Results suggest that the information quality of public guidance has not deteriorated after RegFD. We also examine separately the effect of Reg FD on information efficiency...