This article examines whether companies experience a stock price decline for the corporate misconduct of their CEOs and top managers. We examine news announcements of illegal insider trading reported in US press during the period 1993 until 2008. We observe a clear negative abnormal return on...

We analyze the determinants of illiquidity and its impact on asset pricing for purely call-auction traded stocks on Berlin Stock Exchange using 22 years of daily data (1892-1913). We use the Lesmond et al. (1999) measure of transaction costs to proxy illiquidity. We show that transaction costs...