This study examines the effects of dark and lit market fragmentation around both earnings announcements and earnings surprises. I find that both dark and lit market fragmentation increase around earnings announcements. I further test whether dark and lit fragmentation hinders the level of price...

This paper studies the impact that pre-IPO cash flow volatility has on the initial and long-term value of a publicly traded firm. From the perspective of corporate risk management theory, higher cash flow volatility should reduce value in the form of higher borrowing costs, reduced investment,...

The gambler’s fallacy is the incorrect notion that after observing a particular (random) event more frequently than normal, that event is less likely to occur in the future. The main objective of our analysis is to provide tests of the gambler’s fallacy in financial markets by examining...

The gambler’s fallacy is the incorrect notion that after observing a particular (random) event more frequently than normal, that event is less likely to occur in the future. The main objective of our analysis to provide tests of the gambler’s fallacy in financial markets by examining...