This paper investigates the potential disadvantages of the secondary markets for executive stock options (ESOs). The benefits of such markets are evident, but they might also have negative effects for shareholders. Executives might, for example, use inside information to time their ESO selling....

This paper investigates whether the predictability of risk-adjusted stock returns using the ratio of earnings to stock price and the ratio of cash flow earnings to stock price disappears, when accounting-based risk measures are used for risk-adjusting purposes. The main contribution of the paper...

The stock market's reaction to the earnings announcements of Finnish firms is investigated. A risk estimation approach based on accounting information is applied along with a market model. Accounting information is utilized for risk estimation purposes by using the information incorporated in...

Purpose – This paper aims to investigate who causes post-announcement drift and whether this drift is observed for various types of news announcements. Design/methodology/approach – Using Finnish share ownership data, the authors examine the trading behavior of foreign and domestic investors...