We study the impact of silver price changes on stock returns from seven small open economies that switched between silver, gold, and paper money standards at different times between 1873 and 1939. Silver exposure is a priced factor in monthly equity returns. Silver price changes forecast...

We study the impact of silver price changes on stock returns from seven small open economies that switched between silver, gold, and paper money standards at different times between 1873 and 1939. Silver exposure is a priced factor in monthly equity returns. Silver price changes forecast...

Using China’s introduction of U.S. style securities class actions (SCA), we examine consequences for shareholder wealth, aggrieved investor compensation, and fraud deterrence. In contrast to previous U.S. evidence, Chinese stock prices respond positively to the SCA rules released on July 31,...

We study foreign investment and manufacturing productivity using a large sample of listed and unlisted firms from 34 European countries. Controlling for the business environment, institutional quality, investor protection, corruption, and disclosure quality of both host and foreign investor...

We advance understanding of earnings announcement returns and post-earnings announcement returns (PEAR) with a model that combines limited attention (Hirshleifer and Teoh, 2003) and salience (Bordalo, Gennaioli, and Shleifer, 2012). By including salience effect bias, our model predicts stronger...

We study the impact of silver price changes on stock returns from seven small open economies that switched among silver, gold, and paper money standards at different times between 1873 and 1939. Silver exposure is a priced factor in monthly equity returns. Changes in silver prices forecast...