This paper aims to assess the role of ambiguity in financial analyst forecast and associated abnormal stock returns. I present a model incorporating ambiguity aversion into a two-period Lucas tree model, which generates a lower price and higher required rate of returns compared with the model...

In this paper, I investigate the relationship between managerial annual earnings announcement delays and stock-return behavior surrounding their releases. The empirical results indicate that the pattern between announcement timing and stock returns persists. In particular, annual earnings...

This paper investigates the impact of trade credit on firm's inventory investment behavior by incorporating trade credit as a source of external finance into the traditional production smoothing inventory model. Due to imperfect information, alternative types of funds are not perfect substitutes...

This study tests firms' financing behavior, especially the causal relation between trade credit and bank credit around the time of the recent subprime financial crises. I find bank credit and accounts payable/receivable are simultaneously determined and there is a substitute/complementary effect...

Live cattle futures markets do not offer much opportunity for effective hedging of wholesale beef cuts. If a Choice-to-Select price spread futures contract were introduced this would enhance hedging effectiveness although likely not enough to encourage cross hedging. If a Choice boxed beef...