Corporate managers frequently announce corporate distributions, including stock splits, stock dividends, special dividends, and increases in regular dividends, on the anniversary of a like announcement at the same firm. The market appears to not fully appreciate the implications of current...

Firms with the best decade-horizon shareholder outcomes differ substantially on average from other firms in terms of characteristics that can be observed and objectively measured during the same decade. Most notably, top-performing firms have rapid asset growth, and in particular have strong...

Identifying characteristics that can be measured objectively and that successfully predict extreme stock market outcomes is challenging. Nevertheless, the data indicate that some statistically significant patterns existed during the decades from 1960 to 2019. Firms with the highest...

This study reports on decade-horizon outcomes for investors in U.S. common stocks since 1950. Despite the stellar performance of investments in firms such as Apple, Amazon, and Microsoft, Technology stocks as a group are more likely to appear on a list of the worst rather than best performers....

Even those long-term shareholders who were rewarded with the greatest cumulative returns endured large price declines over shorter intervals. I study shareholder wealth creation for all publicly-listed U.S. common stocks during each of the seven decades since 1950. Focusing on the 100 most...

Discounted-cash-flow valuations are upward biased even when estimates of market discount rates and cash flow growth rates are unbiased, because both compounding and discounting are convex functions. The upward bias in the estimated value of a long-lived cash flow stream can exceed 25% under...

We examine the Paris Bourse, whose electronic limit order market closely resembles the downstairs markets envisioned by theorists, to test several theoretical predictions regarding upstairs trading. We present direct evidence in support of the Grossman (1992) prediction that upstairs brokers...

Trade execution costs are lower when market centers use quotations to compete for order flow as compared to when orders are routed to market centers with non-competitive quotes. Execution costs for trades completed off the NYSE when the executing market quote is competitive are virtually the...

Electricity cannot be economically stored, leading to volatile spot prices and implying that standard cost-of-carry relations are not useful for pricing electricity forward contracts. We model spot and forward power markets, evaluating the demand for risk reduction and assessing equilibrium spot...

This study assesses the sensitivity of trading cost estimates to two methodological issues: the time adjustment made before comparing trades to quotes, and the procedure used to designate trades as buyer or seller-initiated. Consistent with recent research for Nasdaq stocks, the results indicate...