We conduct the first analysis of FinTech Retail Access programs for IPO share allocations. Issued largely by consumer-facing companies, these “Retail IPO” stocks underperform contemporaneous IPO stocks by an average of 17 percentage points over the first 9 months, even after adjusting for...

We study how the target fund in mutual fund mergers performs compared to the acquiring funds had they not been merged but continued on their own as buy-and-hold portfolios. In the pre-merger period, acquiring funds outperformed target funds. In the first year after the merger, target portfolios...

Prior research documents significant negative long-term stock returns following bond-rating downgrades. Some downgraded firms are placed on credit watches before downgrades, and we find that the post-downgrade stock underperformance of such firms is significantly reduced. We explore two...

During the recent financial crisis, financial expertise among independent directors of financial institutions is negatively related to changes in both Tobin's Q and cumulative stock returns. Furthermore, financial expertise is positively associated with risk-taking levels in the run-up to the...

We examine how risk taking and firm value are related to independence and financial expertise of the board for a large sample of U.S. financial institutions both before and during the financial crisis. During the crisis, financial expertise is negatively related to both changes in Tobin's Q and...

During the recent financial crisis, financial expertise among independent directors of commercial banks is negatively related to changes in both firm value and cumulative stock returns. Furthermore, financial expertise is positively associated with risk-taking levels in the run-up to the crisis...

This study investigates whether the use of Sukuk (Islamic bonds) by Islamic Banks have impacted the performance of these banks during a financial crisis for period of 2007-2009. Data in this study was collected over the period of 2007-2009, with the study focusing on fourteen Islamic banks that...

We track firms at birth and compare the growth pattern of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to attain a larger size later in life and go public. Firms in the top percentile of predicted propensity to go...

This study investigates whether the use of derivatives by US banks have impacted the performance of these banks. Data in this study was collected over the period of 2002-2009, with the study focusing on five US banks. In the first stage of the study financial ratios Return on Assets (ROA),...

We examine the dependence of the performance effects of firms' network positions on the ages of the ties comprising them. Our analysis of Canadian investment banks' underwriting syndicate ties indicates that the performance benefits of closure increase with tie age, while benefits of bridging...