This paper investigates the effect of investor protection on the value impact of stock liquidity. Using a sample of rms from 40 countries for the period between 1996 and 2010, we show that investor protection is positively associated with the value impact of stock liquidity. This association is...

This paper investigates the impact of international political risk on government bond yields in 34 debtor countries using a comprehensive database of 109 international political crises from 1988 through 2007. After employing the total number of international political crises as a proxy for...

This study addresses an important issue about the role of stock market in corporate finance by directly examining the effect of stock liquidity on firm value on a broad sample of firms from 53 countries for the period 1981-2010. Consistent with finance theory, we document a strong positive...

We examine whether prior outcomes influence the order selection decisions of proprietary stock traders who trade the capital of a National Securities Dealer. Trader's decision to either take or provide liquidity is correlated with their prior trading performance. When traders experience...

We examine how institutional stock traders alter their trading behavior after a change in the tick size. Larger size orders become more difficult to execute and are less common after the conversion to decimal pricing and a one-cent minimum price increment. These orders take far longer to execute...

We examine how institutional risk control mechanisms influence proprietary stock trader behavior. When traders are forced to liquidate their inventory at a pre-designated time, they often hold onto their losing trades until the very last moment. We find that the difference between losing and...

Building on the short-term nature of interim CEO contracts, this paper examines the effect of interim CEO appointment on corporate long-term investment measured by a firm's R&D spending. We find robust evidence that the corporate R&D investment level is significantly lower during the interim CEO...

We study a unique Chinese dataset of equity analysts' on-site visits to publicly listed companies. We find that analyst silence (no release of report from visit date to the next quarterly earnings announcement) contains information that negatively impacts both stock returns and earnings...