A business value is created by identifying the risks in the business and developing a risk mitigation plan. The only identification of risks is of little use unless an effective advance plan is developed and implemented to reduce either the likelihood or impact or both of the events. In this...

The use of computers to execute trades, often with very low latency, has increased over time, resulting in a variety of computer algorithms executing electronically targeted trading strategies at high speed. We describe the evolution of increasingly fast automated trading over the past decade...

When a person should begin taking Social Security retirement benefits is a critical question for planning one's retirement. This article explains the various factors at play in determining the optimum starting point, including: longevity considerations; spousal implications, whether for a...

In this study, we present new panel-data evidence on REIT liquidity and its determinants over the 1988-2007 period. We focus upon liquidity measures that do not require micro-structure data (1) to facilitate use of our results as benchmarks for comparisons with results from international markets...

Does the mutual fund industry lose its best managers to hedge funds? We find that mutual funds are able to retain managers with good performance in the face of competition from a growing hedge fund industry. On the other hand, poor performers are more likely to leave the mutual fund industry. A...

In this paper, I review some selected literature about or related to the monetary neutrality and show that specific aspects of the monetary (non-)neutrality are actually derived from the underlying welfare consideration and thus their validity or desirability depend on the current state and way...

This study examines the relation between changes in portfolio composition of brokerage-owned mutual funds and earnings forecasts of sell-side analysts employed by the same firm. We find that these analysts are consistently optimistic for securities that represent new investments for their mutual...

Many small firms face significant challenges in improving visibility and attracting investors to their stock. One response to these challenges is to initiate an investor relations (IR) program. Through interviews and surveys with IR professionals, we learn that the IR process focuses on...

We provide the first comprehensive examination of hedge funds' long-equity positions and the performance of these stock holdings. Compared to mutual funds, hedge funds have higher turnover, weights further away from the market portfolio, prefer smaller opaque securities, and their trading moves...

The market capitalization of stablecoins -- crypto-assets aiming at maintaining their value stable, and generally pegged to a fiat currency -- has skyrocketed over the past year. This paper documents one implication for the real economy. Issuers of the two main stablecoins back the value of...