We examine whether the stronger information content of Chief Financial Officer (CFO) insider trading relative to that of Chief Executive Officers (CEOs) results from a different willingness to exploit the information asymmetry that exists between executives and outside shareholders (scrutiny...

The underlying physiological mechanisms of biases are not well understood. As such, we examine the impact of testosterone and cortisol levels on several commonplace investment biases using realistic trading simulations. Cortisol, the biological marker of stress, is positively related to the...

This paper reports evidence that the standard deviation of stock returns exhibits seasonal patterns. The seasonal patterns are considerably different between portfolios of different market value of equity stocks. January and August are the two most volatile months for the small decile portfolio...

A detailed look at the role of social responsibility in finance and investingThe concept of socially responsible finance and investing continues to grow, especially in the wake of one of the most devastating financial crises in history. This includes responsibility from the corporate side...

Proponents claim that economically targeted investments (ETIs) can earn a prevailing risk-adjusted rate of return while also providing an additional economic benefit to the plan participants. This paper discusses the fallacies in the reasoning behind ETIs. In short, the structure that would make...

We model the seasonal volatility of stock returns using GARCH specifications and size-sorted portfolios. Estimation results indicate that there are volatility differences between months of the year and that these seasonal volatility patterns are conditional on firm size. Additionally, we find...

In this paper, we examine the impact of scheduled macroeconomic news announcements on both OEX index options and individual equity option volume. We do this in order to study the way in which investors use these options in their portfolios. We find that announcements are associated with an...

This study tests the hypothesis that non-domestic cross-listing is associated with increased firm visibility. We examine visibility changes on the two exchanges with the largest number of non-domestic listings: the London Stock Exchange (LSE) and the New York Stock Exchange (NYSE). Noting that...

This paper documents the emergence of economically targeted investments (ETIs) and social investments on pension funds. We find that these dual purpose investments are usually concessionary and reduce portfolio investment return. When fiduciary standards are weakened, public pension fund assets...

Would you like to be a millionaire? While alternative investments are an option, this easy-to-read guide focuses on traditional investments - stocks, bonds, and cash or cash equivalents. Especially written for novice investors, if you want to become a millionaire and don't have the luck to buy a...