We examine the trading behavior of institutional investors in the Exchange Traded Fund (ETF) market from 1993 to 2007. We concentrate on the relation between cross-sectional institutional ETF ownership and returns, particularly on the relation between changes in ownership and future returns,...

We analyze how the unique characteristics of real estate invest trusts (REITs) affect IPO lockup agreements from 1980 to 2006. The findings show that, unlike industrial IPOs, lockup periods for REIT IPOs do not cluster at 180 days, tend to cover longer periods, and vary over time. Our results...

We examine performance shift and managerial effort substitution for the practice of multi-tasking in the mutual fund industry. Using the pairing of newly issued and incumbent funds under concurrent management, we show that fund managers shift performance from incumbent funds to newly issued...

We examine the long run stock performance of IPO firms following lockup expiration when insiders are allowed to release their shares from the perspectives of two hypotheses. The portfolio diversification hypothesis notes that corporate insiders may wish to diversify their portfolios and sell...

The long-run performance of equity securities subsequent to announcements of open market repurchases (OMR) remains a contentious topic. In this paper we propose the “dichotomous expectations hypothesis” which posits that insider trading following share repurchase announcements reveals...

In this paper, we investigate how investment banks determine the gross spreads paid by American Depositary Receipts (ADRs) during 1981 to 2004. We then compare the gross spreads of ADRs to those of matching U.S. IPO and SEO firms to see if there are differences in gross spreads across types of...