We use a simple proxy to distinguish between financial and economic distress and show that Chapter 11 outcomes and asset restructurings vary systematically across these firm types. The results from our sample of large bankruptcies from 1991 to 2004 are consistent with the view that the Chapter...

This study examines the reaction of the Standard and Poor's Regional Bank Index (SPRB) to the U.S. equity market fear index (i.e., the Chicago Board of Trade Volatility Index [VIX]). The VIX is designed to perform as a leading indicator of the volatility in equity markets. However, practitioners...

This study assesses the accuracy of trade signing algorithms in fast trading environments using NASDAQ and NYSE TAQ data. Using data that contain true trade signs, we show that the Lee and Ready algorithm outperforms the tick rule and classifies trades at least as well as in earlier studies from...

We document that the existing evidence that bulk volume trade classification (BVC) measures informed trading arises largely due to mis-specified tests. Simulations show that these tests detect spurious relationships in data containing only uninformed liquidity trades. We also assess the...

This study examines the reaction of the Standard and Poor's Regional Bank Index (SPRB) to the U.S. equity market fear index (i.e., the Chicago Board of Trade Volatility Index [VIX]). The VIX is designed to perform as a leading indicator of the volatility in equity markets. However, practitioners...

Purpose: Many undergraduates major in business in hopes of being well-prepared for a career. However, Arum and Roksa (2010) find business students perform poorly relative to peers on measures of academic gains and employers report that few college graduates are well-prepared for business...