We survey empirical studies on the development and effects of increased computerization across equity, foreign exchange, derivatives, and fixed-income markets. While the changes in the trading process due to computerization in less liquid markets such as the corporate bond market have been...

Chapter 11 bankruptcy provides firms with broad latitude to reject certain executory contracts, which are contracts whose terms have not been fully executed. We focus on the impact of this feature of the Bankruptcy Code by examining one of the most common executory contracts, operating leases....

We use a simple proxy to distinguish between financial and economic distress and show that Chapter 11 outcomes and asset restructurings vary systematically across these firm types. The results from our sample of large bankruptcies from 1991 to 2004 are consistent with the view that the Chapter...

This paper examines the performance of U.S. equities through the use of socially responsible investment screens. We extend the socially responsible investing literature by examining a broader study of social screens. We examine the returns and risk-adjusted returns to investing in socially...

Historically, reported trading volume has been overstated for NASDAQ stocks relative to NYSE stocks. Because NASDAQ volume may be overcounted, many researchers use an adjustment factor to make it comparable to NYSE volumes. Today, electronic communication networks account for about 75 percent of...

Historically, trading volume reported for NASDAQ stocks has been overstated vis-a-vis New York Stock Exchange (NYSE) stocks, due both to the dealer's participation in trades as a market maker and to interdealer trading. Beginning in 1997, the Securities and Exchange Commission (SEC) changed...