type="main" <p>This study examines options’ market behavior before analysts’ initiations. We find abnormal trading activity in the options market several days prior to the release of analysts’ initiations. Informed traders recognize the content and timing of the initial recommendations. We...</p>

Using a simple dividend model, we illustrate and synthesize the sources of stock market mispricing and excess volatility based upon two hypotheses—inflation illusion and heterogeneous beliefs. Our theoretical framework posits that equity mispricing arises when investors have subjective...

We provide a ranking of world finance research output by countries and institutions. Based upon 21 finance journals, the top five most productive countries are in the following order: U.S., U.K., Canada, Hong Kong, and Australia. We find that higher per capita GNP, English-speaking countries,...

This paper re-examines the intersecurity wealth effects of leverage-reducing exchange offer (LREO) announcements. We show that previous studies may have been confounded by not distinguishing between two types of LREOs - swaps and exchange offers - and by the limited availability of bond data to...

The service industry in China is underdeveloped, in comparison with not only the past experience of developed countries at the similar level of GDP per capita, but also other similar developing countries at present. We define this deviation of China¡¯s service industry from the development...

The existing personnel selection decisions in practice are based on the evaluation of job seeker's human capital, and it may be difficult to make personnel-job matching and make each party satisfy. Therefore, this paper puts forward a new personnel selection method by consideration of bilateral...

C60 films were fabricated by vacuum sublimation and studied with dielectric spectroscopy regarding glass transition. With annealing, the dielectric loss peaks decreased in height, and the apparent activation energy deduced from their frequency dependence dropped in magnitude. The peaks, broad...

In contrast to the global average level, we find that service industry in China is underdeveloped. Its development level is rather low compared with not only developed countries at the same level of GDP per capita in the history, but also other similar developing countries at present. We define...