This article examines trading behavior in the options market conditioned on mispricing in the underlying stock. We investigate the price equilibrium between the observed equity asset and the options-implied synthetic share as well as the relative divergence between the two prices. We find a...

We examine residential real estate transactions in a market where an additional property right to a club good may have an influence on prices. We find that for single-family property, the market capitalizes approximately 50% of the full value of the extra property right. For condominiums, the...

We revisit the nature of returns to scale beginning with Pástor, Stambaugh, and Taylor (2015). We find that the documented negative relation between scale (at both the fund and industry levels) and return performance is an artifact of extreme observations that comprise less than 0.05% of the...

Recent research suggests that improper identification of outliers can lead to distorted inference. We investigate this issue by examining the role that multivariate outliers play in research outcomes using the Chen, Hong, Huang, and Kubik (2004) study. We find that the documented negative...