Purpose: The purpose of this paper is to examine the dividend payments and share repurchases of dual-class firms that have both their superior voting shares and inferior voting shares publicly traded. Design/methodology/approach: This paper uses matched dual-class and single-class samples from...

We examine investor order strategies in response to short-lived information using a natural experiment on September 8, 2008, in which a 2002 bankruptcy story on United Airlines erroneously reappears through Bloomberg terminals and cause significant price changes on the stock. Our results show...

Motivated by an obvious gap between the widespread use of Bloomberg terminals in the finance industry and the scant resources available to an instructor on how to incorporate the available information through the terminal into a finance course, we illustrate our experience using the terminal in...

Motivated by the widely touted practice, we examine the effects of realizing tax losses at the year-end on simulated stock portfolios. Our results indicate that the timing of portfolio formation, the cutoff that triggers the loss realization, the length of an investor's holding period, and to a...

We examine how using stock as the method of payment affects a bidder's investor base and investor recognition, and the bidder announcement return. We hypothesize that relative to a cash acquisition, a stock acquisition would increase the bidder's investor base and lower Merton's (1987) shadow...

Information produced in the takeover process and changes in firm characteristics could both affect bidder liquidity after takeovers. We examine bidder liquidity in successful versus unsuccessful takeovers to disentangle the information production hypothesis from the firm characteristics...

Stop loss strategies can prevent investors from holding their losing investments too long by automatically prompting the sales of losing investments. We examine the impacts of stop loss strategies on the return and risk of individual common stocks. Our results indicate that these strategies...

We compare the realized returns and shortfall probabilities of automatic investment plans with those of lump sum investments. We do not assume a cash position and we use bootstrapping techniques to assess the performance differences. Our results indicate that the levels of realized returns from...

Purpose – The purpose of this paper is to determine whether information produced in the takeover process or changes in firm characteristics after takeovers affect bidder liquidity. Design/methodology/approach – This paper compares the liquidity changes for bidders that complete their...