This study examines the impact of crises caused by modern health pandemics on price efficiency, proxied by measures of stock price delay. We analyze 381,688 firm-year observations across 39 countries during six recent pandemic crises: SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), Zika...

Research Questions/Issue: This study investigates the relationship between equity-based CEO risk-taking incentives and information asymmetry as indicated by stock price delay.Research Findings/Insights: Based on a panel of firms listed in the United States from 1990 to 2018, this study reveals...

This study investigates the effect of media coverage on stock liquidity in the Chinese stock market. Media coverage has a significant positive effect on stock liquidity. Media coverage improves stock liquidity by improving the information environment and reducing adverse selection by investors....

We present a new model of asset prices in which investors evaluate risk according to prospect theory and examine its ability to explain 22 prominent stock market anomalies. The model incorporates all the elements of prospect theory, takes account of investors' prior gains and losses, and makes...

We present a new model of asset prices in which investors evaluate risk according to prospect theory and examine its ability to explain 22 prominent stock market anomalies. The model incorporates all the elements of prospect theory, takes account of investors' prior gains and losses, and makes...

We present a new model of asset prices in which investors evaluate risk according to prospect theory and examine its ability to explain 23 prominent stock market anomalies. The model incorporates all the elements of prospect theory, takes account of investors’ prior gains and losses, and makes...

Considering the economic impact of hosting the Olympic Games, this work explores the relationship between the Chinese and international equity markets before and after the two Olympic Games hosted in China. We choose SSEC as the representative of the Chinese equity markets, and use DJI and N225...