An exclusive focus on bottom-line income misses important information contained in accruals (the difference between accounting earnings and cash flow) about the quality of earnings. Earnings increases that are accompanied by high accruals, suggesting low-quality earnings, are associated with...

This study examines bid-ask spreads in the stock market around the introduction of the Standard and Poor's (S&P) 500 index futures contract and tests the following competing hypotheses: (1) stock spreads may widen as uninformed traders migrate to futures and (2) spreads may narrow because...

The current literature concerning proxy contests provides little evidence that shareholders suffer materially from sub par performance prior to a contest. Furthermore, no study has thoroughly examined the long-term performance of targeted firms subsequent to a proxy contest. Using a sample of...