Miller [1977. Risk, uncertainty, and divergence of opinion. Journal of Finance 32, 1151-1168] hypothesizes that prices of stocks subject to high differences of opinion and short-sales constraints are biased upward. We expect earnings announcements to reduce differences of opinion among...

This paper conducts specification tests to explore the dynamic relationship between the dollar and the U.S. terms of trade (TOT), as well as its components, U.S. import and export prices. Here import prices are found to respond to the dollar's value, but only after a substantial lag. Export...

We find a strong tendency for positive returns during the overnight period followed by reversals during the trading day. This behavior is driven by an opening price that is high relative to intraday prices. It is concentrated among stocks that have recently attracted the attention of retail...

type="main" <title type="main">ABSTRACT</title> <p>This study shows that the guardians behind underaged accounts are successful at picking stocks. Moreover, they tend to channel their best trades through the accounts of children, especially when they trade just before major earnings announcements, large price changes, and...</p>