We analyze cross-sectional and time-series information from 46 equity markets around the world to consider whether short sales restrictions affect the efficiency of the market and the distributional characteristics of returns to individual stocks and market indices. We find some evidence that...

Our paper explores a comprehensive sample of small and large corporate bankruptcies in Arizona and New York from 1995 to 2001. Bankruptcy costs are very heterogeneous and sensitive to the measurement method used. We find that Chapter 7 liquidations appear to be no faster or cheaper (in terms of...

The paper tests whether individuals have value-relevant information about local stocks (where "local" is defined as being headquartered near where an investor lives). Our methodology uses two types of calendar-time portfolios-one based on holdings and one based on transactions. Portfolios of...