This paper explores the relationship between information uncertainty and auditor reputation revealed by the failure of Arthur Andersen (AA). AA's reputation deteriorated considerably when it announced on January 10, 2002, that it had shredded documents related to its audit of Enron. AA's demise...

This study examines the cross-sectional impact of the 2008 short sale ban on the returns of US financial stocks. Motivated by the large cross-sectional variation in the extent to which banned stocks suffer an illiquidity shock, we hypothesize that stocks with larger liquidity declines are...

Numerous motives for merger have been proposed and empirically evaluated. While the avoidance of bankruptcy has been suggested as a plausible motive for merger in the financial literature, this motive has been the object of scant empirical investigation. Although recent empirical evidence...