In classical perfect and complete markets prices form a Martingale and stock returns (or equivalently, successive price changes) are serially uncorrelated. However, there is evidence that stock returns are serially correlated in both the short and the long-term; this has been construed as a...

In classical perfect and complete markets, prices form a Martingale and stock returns (or equivalently, successive price changes) are serially uncorrelated. However, there is considerable evidence in the finance literature showing that stock returns are serially correlated both in the short and...

This study examines whether expected rate of return (ERR) manipulation is related to disclosure of pension asset allocation. FAS 132R(1), which requires firms to disaggregate the detailed categories of pension asset allocation, provides a natural experiment for studying the effect of enhanced...