An interesting perspective on recent trends in the U.S. housing market is gained by noting how housing prices correspond to per capita income, a traditional measure of affordability. The ratio of housing prices to per capita income is high but close to historical norms in many regional markets....

Chipotle Mexican Grill, Inc. Class A common stock has one vote per share and Class B common stock has 10 votes per share. In a pricing paradox, the Chipotle Class A shares with inferior voting rights have sold at a persistent price premium of as much as 20% more than superior Class B shares....

Anomalous evidence of seasonality in stock market returns presents a serious challenge to the Efficient Market Hypothesis. Previous studies often explain anomalous monthly returns as being caused by various institutional considerations, like tax-loss selling or empirical problems tied to making...

This paper documents the value-relevance of nonfinancial information on the quantity and quality of inventive output for high-tech companies. We find that the number of patents and information on the quality of patents have consistently positive effects on stock prices. Interestingly, this...

A primary goal of the regulatory reforms enacted around the implementation of the Sarbanes-Oxley Act (SOX) was to improve the credibility of financial reporting. While earnings restatements resulting from accounting issues damaged investor trust prior to the implementation of SOX, we hypothesize...

Together with the number of patents and the value of Ramp;D expenditures, scientific measures of patent quality give investors a useful basis upon which to judge the economic merit of the firm's inventive and innovative activity. Especially in the case of small cap and relatively low P/E high...

This paper reports evidence in support of the hypothesis that closely-held ownership, institutional holdings and the degree of financial leverage are jointly and endogenously determined. An inverse relation between the percentage of closely-held shares and institutional holdings is apparent, as...

Bank monitoring, firm performance, and top management turnover in Japan / Christopher W. Anderson, Terry L. Campbell, Narayanan Jayaraman, Gershon N. Mandelker -- Ownership structure and shareholder voting on board structure changes / Teresa A. John, Gopala K. Vasudevan -- Did earnings...

Valuation of Internet companies : a survey of the evidence / Pim Jansen, Enrico Perotti -- Capital market efficiency and its implications for the investor : a case of a superior product mismarketed / John F. Gaski -- How different is the long-run performance of mergers in the telecommunications...

While Advances continues to publish papers from any area of Finance, the focus of this issue is on corporate governance, broadly defined as the system of controls that helps corporations and other organizations effectively manage, administer, and direct economic resources. Included in the volume...