This paper contributes to the corporate governance literature and bears implications for the regulation of insider trading. I examine whether the double-counting of reported trading volume on Nasdaq plays a role in insiders' decisions to move their firms. Specifically, since volume on Nasdaq is...

We examine stock market risk surrounding the COVID-19 pandemic at the industry level. We find that low-beta industries experienced a significant increase in relative risk at the worst possible time. Shocks to market beta were not accompanied by offsetting changes in loadings on other factors,...

We examine the relationship between total stock market risk and the returns on several long-short portfolios that have been widely regarded as priced risk factors in much of prior literature. We find that shocks to implied volatility and to expected realized volatility are related to the returns...

Using a simulation analysis based on historical U.S. stock market returns, we assess the total tax burden (federal plus state) of active portfolio management. Our results show that taxes can erode a large portion of the profits, even for moderately intense trading strategies where the capital...