Purpose – The purpose of this paper is to assess the performance of a contrarian investment strategy focusing on frequently traded large-cap U.S. stocks. We address previous criticisms that losers' gains are not due to overreaction but due to their tendency to be thinly traded and...

This article investigates how recent failures of seven publicly-traded commercial banks and the banking crises of 2008 affect the wealth, the systematic and nonsystematic risk, and total risk of commercial banks. We find that the total risk of medium-sized banks is slightly more affected by the...

We use seemingly unrelated regressions (SUR) and multivariate regression models (MVRM) in a panel sample of 74 American depository receipts (ADR) programs from Argentina, Brazil, Chile, and Mexico during the period May 1994 to May 2009 to analyze the behavior of ADR returns during the 300-day...

We analyze the relative operating performance of Family Business' list of the largest family-controlled firms versus non-family-controlled firms listed in the S&P 500. Our cross-sectional data includes over 400 firms and eleven years of data. We provide empirical evidence to demonstrate that...

The “China concepts stock” in the U.S. has attracted a great deal of attention among international investors due to the fast growth in Chinese economy. This paper examines the aftermarket performance and the motivations to list in the U.S. for Chinese firms over 1993-2010 by considering the...

This study investigates the cointegration and priority relationships between large-cap energy stocks and oil price changes over the last decade. The results reveal that energy stock prices have a long run linear relationship with oil price fluctuations. Asset prices are affected by the oil price...

Whereas the corporate life cycle hypothesis says firms follow structured goals along their life cycle, others argue that corporate governance objectives vary independently of predetermined life cycle stages. This study examines the impact of the corporate life cycle on corporate governance in...

We document significantly lower valuations for government contractors in the United States. While contracting with government agencies reduces firms' cost of equity, it significantly lowers their sales growth. These findings are contingent on economic conditions; negative valuations dissipate as...

This study evaluates the effect of the Capital Purchase Program during the 2008-2009 financial crisis on the cost of equity of 170 publicly listed banks in the United States that received funding. We document robust evidence that the liquidity provided by the government bailout reduced the cost...

Insider-owned firms pursue U.S. cross-listings following periods of extraordinary performance. However, the long-run post-cross-listing abnormal returns become negative only for insider-controlled cross-listings. We find that the Sarbanes-Oxley Act (SOX) has mitigated the market-timing attempts...