Purpose – The purpose of this paper is to empirically study the relationship between informed trading and overall corporate governance mechanisms. Design/methodology/approach – A broad range of governance characteristics are used to measure the governance structure of firms in the Toronto...

For models of the probability of informed trading (PIN), estimation can fail for firms with high levels of trading due to computer over/under-flow. Since active firms tend to have large market capitalizations, studies that use PIN have excluded as much as 40% of total market capitalization from...

We study the use of stochastic discount factor (SDF) models in evaluating the investment performance of portfolio managers. By constructing artificial mutual funds with known levels of investment ability, we evaluate a large set of SDF models. We find that the measures of performance are not...

In this paper we estimate risk-neutral returns distributions using the prices of options written on S&P 500 index futures and investigate whether or not specific characteristics of the returns distributions might be useful information for the purpose of predicting changes in market direction....

In the face of climate change and oil shortages, nuclear technology offers many important possibilities. Separating myth from reality, Half-Lives evaluates the promise of nuclear technology as a source of clean energy, as well as the wide range of applications in medicine and industry it offers...