This study focuses on the economic exchange rate exposure of 168 U.S.-based multinational corporations (MNCs) with foreign operations primarily in Europe. The sampling plan and other refinements may improve the estimation of exposure and detection of relevant determinants. Operating...

Short selling exchange-traded funds (ETFs) has become a common means of speculating or hedging in response to pessimistic expectations about a specific market or sector, as the short interest of ETFs is more than 10 times that of individual stocks, on average. We determine that sector-based ETFs...

The increased government efforts to pursue insider trading charges against Galleon Group and the subsequent increase in penalties for violating insider trading laws can deter managers from leaking information and deter investors from capitalizing on leaked information before earnings guidance...

We show that the firm's decision to pay special dividends is related to its investment opportunities based on growth options that are available within the prevailing economic environment. Specifically, firms are more likely to pay special dividends when their investment opportunities are...