<title>Abstract</title> The author uses an online securities market to engage students in their exploration of asset pricing in microeconomics courses.

The author uses an online securities market to engage students in their exploration of asset pricing in microeconomics courses.

We investigate the determinants and consequences of compliance with the Dey Committee recommendations encouraging greater board independence in Canada. Companies that acted on this recommendation appear to have done so to improve their performance and not for cosmetic purposes. Poorly performing...

Initial public offerings underperform in the long run; however, there is very little evidence on their cross-sectional variation. Using a random sample of IPOs from 1987 through 1991 and gathering their prospectus data, we show that financial and operating characteristics as well as offering...

We document the existence of another seasonality in stock returns: A November effect. The uniqueness of this study is that the November effect is observed only after the passage of the Tax Reform Act of 1986. The impact of the Act resides in the treatment and distribution of capital gains and...

We document the existence of another seasonality in stock returns: A November effect. The uniqueness of this study is that the November effect is observed only after the passage of the Tax Reform Act of 1986. The impact of the Act resides in the treatment and distribution of capital gains and...

We examine the stock price reaction to announcements of the intention to pursue a program of external acquisitions. Using a 1977-92 sample of 65 firms that have announcement dates which (i) can be explicitly identified and (ii) are uncontaminated by other firm-specific events, we confirm the...

We examine the information content of Form-4 filings following extreme market downturns in the pre and post-Sarbanes–Oxley-Act (SOX) periods. We find that the announcement period abnormal returns under extreme market conditions are larger and this effect is stronger in the more tighter...