This paper examines competition between ETFs that hold nearly identical portfolios of securities. We provide evidence that incumbent-fund liquidity is negatively affected when a new ETF is added to an asset class. The degradation in liquidity is even more severe whenever both funds follow the...

Despite widely publicized fee reductions, we find that average ETF expense ratios have remained relatively steady during the last 15 years. Even though thousands of new funds have entered the market, the arrival of most ETF sponsors into a narrowly defined area does not generally lead to lower...

This study measures the impact government enforcement actions have on investor confidence by examining changes in market quality in the firms investigated by the Securities and Exchange Commission for fraud. The market quality measures we test include returns, price volatility, spreads, and...

Existing research shows that significantly more acquisitions occur when stock markets are booming than when markets are depressed. Rhodes-Kropf and Viswanathan (2004) hypothesize that firm-specific and market-wide (mis-)valuations lead to an excess of mergers, and these will be value-destroying....

We examine the relation between corporate liquidity and political connections measured via lobbying expenditures. This is an interesting question as many of the motives for holding cash should be diminished by political connections. Results suggest a significant and inverse relation between cash...

We study shareholder returns for firms that acquired five or more public, private, and/or subsidiary targets within a short time period. Since the same bidder chooses different types of targets and methods of payment, any variation in returns must be due to the characteristics of the target and...

Existing research shows that significantly more acquisitions occur when stock markets are booming than when markets are depressed. Rhodes-Kropf and Viswanathan () hypothesize that firm-specific and market-wide valuations lead to an excess of mergers, and these will be value destroying. This...

Existing literature has shown that periods of high merger activity are correlated with high market valuations. Significantly more acquisitions occur when stock markets are booming than when markets are depressed. Using methodologies robust to recent criticism we show that viewed through an...

It has long been argued that dividends are used as a signal of future earnings or as a means of distributing excess cash. However, the empirical tests of these two hypotheses have generated inconclusive results. One reason for these inconclusive results is that no model combines both the...

Collar offers are merger offers using all stock as the method-of-payment that specify a range within which the bidder's price can fluctuate. In this paper the wealth effects associated with collar offers are determined, and cross-sectional regressions are employed to determine if this offer type...