Brokers who route both market and limit orders to wholesalers are generally paid less for their orders than brokers who bifurcate their order flow. Since nonmarketable limit orders have priority over wholesalers at a price, limit orders routed to wholesalers may experience enhanced execution...

This study examines the market response to the 1999 announcement of a change in accounting for Funds from Operations (FFO) for Real Estate Investment Trusts (REITs). This change provides an increase in transparency in the accounting statements of REITs regarding the calculation of FFO. An...

We examine the effect of home market short-sale constraints on stocks that also trade in other countries that have more liberal short-sale rules. We focus on the case of ADRs traded in the U.S., as in some cases, the home markets of these ADRs prohibit short selling. We find that U.S. short...

We examine the determinants and value effects of corporate lobbying, controlling for corporate PAC campaign contributions. We find evidence that firms with greater potential payoffs from favorable policy and regulations lobby most actively, and that managers often utilize both lobbying and...