We study how daily returns and volume behave around the Jewish High Holy Days. We find that on both Rosh HaShanah and Yom Kippur, volume is down significantly, relative to that on all trading days in the sample period. When we consider a cumulative measure that allows for preemptive or delayed...

This paper investigates the effect of company brand perceptions on investor incentives to hold stocks. We find that, after controlling for other postulated determinants of stockholdings, there is a negative and significant cross-sectional relation between percentage institutional holdings and...

This paper investigates the effect of company brand perceptions on investor propensities to hold stocks. We find that, after controlling for other determinants of stockholdings, there is a negative and significant cross-sectional relation between institutional holdings and brand visibility,...

This paper investigates the effect of company brand perceptions on investor incentives to hold stocks. We find that, after controlling for other postulated determinants of stockholdings, there is a negative and significant cross-sectional relation between percentageinstitutional holdings and...

Executive compensation has increased dramatically in recent times, but so has trading volume and individual investor access to financial markets. We provide a model in which some managers obfuscate financial statements in order to extract additional compensation. Owing to a lack of...

This study addressed U.S. stock daily returns and volume around days when the market is open that correspond to religious or cultural occasions - specifically, St. Patrick's Day and the Jewish High Holy Days of Rosh Hashanah and Yom Kippur. On Rosh Hashanah and Yom Kippur, volume was found to be...