This paper examines the international portfolio flows of European Union. Our analysis includes three dimensions: (1) the level of countries' portfolio investment concentration (those who invest evenly among counterparties versus those who invest more heavily in some counterparties); (2) the...

This study examines the responsiveness of trading volume to a firm's earnings announcements We find that the volume and earnings surprise information generated at the first earnings announcement within an industry help to explain the stock returns of the non-announcing firm. Specifically, it...

This paper examines the international portfolio flows of European Union. Our analysis includes three dimensions: (1) the level of countries' portfolio investment concentration (those who invest evenly among counterparties versus those who invest more heavily in some counterparties); (2) the...