This paper evaluates the relation between two well-known anomalies in stock returns, viz, momentum and monthly effect. The monthly effect anomaly refers to the fact that stocks earn positive average returns only during the first half of the month and zero average returns during the second half....

This paper provides a new set of tests on the relationship between product market competition, information processing cost, and production of information by managers. The recent regulation regarding the mandatory adoption of XBRL (eXtensible Business Reporting Language) is a natural experiment...

A CVR is a commitment by an issuing firm to pay additional cash or securities to CVR-holders contingent on the issuer's share price falling below a pre-specified level. It has been offered together with cash or stock, or both (or with other securities) as a means of payment in a number of recent...

This paper provides an extensive international analysis of the cross-sectional return predictive power of a variety of firm-level profitability measures, calculated from different combinations of measures of earnings and scaling variables. We show that this cross-sectional predictive relation is...

This paper examines the characteristics of merged hedge-funds. The data indicate that merged hedge-funds are larger funds that have underperformed over a two-year period prior to merger and have suffered from significantly lower money-flow prior to merger. Merged hedge-funds are also older...

Political views are increasingly associated with greater hostility and unfavorable feelings toward political rivals. Exploiting turnover Presidential elections changing US counties’ political alignment with the party of the President, this paper documents that the lack of alignment has a...