We identify samples of losers and winners by selecting daily stock price returns in excess of 10% (sign ignored) and determine whether these samples over- or underreact. We then identify "informed" events, which correspond to announcements in the "Wall Street Journal"("WSJ"), and "uninformed"...

Night trading provides an ideal laboratory to assess the behavior of stock markets when institutional liquidity providers are less active. The evidence indicates that extreme positive (winner) and negative (loser) stock-price movements during night sessions are followed by reversals the next...

This article examines the stock market's response to military contract award announcements for the 10-year period surrounding 11 September 2001. The abnormal returns of successful grantees are examined over the short run (days −1 to +1) and long run (days −1 to +60) to determine whether...

The Enron scandal offers the opportunity to assess the degree to which misleading accounting can affect connected firms and industry rivals. While the market was inept at detecting the inaccuracy of Enron’s financial statements, it swiftly punished many connected firms once Enron's faulty...

By implementing Regulation Fair Disclosure (RFD), the Securities and Exchange Commission's (SEC) intention is to ensure that all market participants have equal access to information, thereby preventing the flow of material information to analysts before other participants. We find that the...