The global crisis of 2008 associated with the failure of Lehman Brothers revealed the fragility of the financial system. In its aftermath, policy makers created many new rules to address the perceived causes of the crisis and to enhance financial stability. Nearly all of these rules have now...

We study returns on Over-The-Counter stocks and we find these returns are extremely negative on average. The distribution of OTC stock returns is highly positively-skewed: while many of the stocks in our sample become worthless, a few do extremely well. We investigate whether this negative...

We explore some commonly held beliefs about individuals investing in OTC stocks (those traded on OTCBB & Pink Sheets), a fairly pervasive activity. We frame our analysis within the context of direct gambling, aspirational preferences in behavioral portfolios, and private information. Contrary to...

Pension assets have seen rapid growth world-wide over the past decades, although they suffered large losses during the global financial crisis of 2007–2008. This paper seeks to identify the impact of Asian pension funds on selected key transmission mechanisms from pension reform to financial...

In the literature short sellers are often considered to be informed investors. By accessing a data set of disclosed large European short selling positions with the data of the increase and decrease of positions I model the returns of the short sellers. I find no significant alpha returns in...