This study examines the performance of 93 fund managers over the 10 year period 1986 through 1995 using relative percentile ranks based on quarterly compounded, annual total returns measured against funds with the same investment objective. On average, managers with 10-year track records at the...

This study examines the impact of option listings on the common stock of 21 firms specializing in the casino and gaming industry. Our results show that, on average, there is a significant decrease in price during the five-day window which indudes the announcement of the listing, the listing day,...

For nearly thirteen years, the Investment Dartboard column featured the stock recommendations of prominent equity analysts in a contest with the stocks selected by Journal staffers throwing darts. Over the life of the column, investors who rebalanced their portfolios according to the analysts'...

We illustrate the value to shareholders when closed-end funds repurchase shares at a discount from net asset value. Repurchases increase share price even when there is no asymmetric information concerning the value of the underlying assets and the percentage discount remains unchanged following...

We examine initial returns of fully underwritten IPOs of converting thrifts for evidence that managers and depositors of conversion-related offers earn significantly greater returns than investors in IPOs of other financial institutions. Regulators have suggested that new guidelines for...