We study the relative positions of M1 and M2 in light of their relationships with four U. S. equity exchanges: S&P500, Dow Jones Industrial, Nasdaq, and Wilshire 5000 composite. It is demonstrated that a long-term equilibrium relationship does indeed exist. Short-run dynamics are also considered...

We examine the impact of accounting restatement announcement on firms’ value and information asymmetry for both auction market (NYSE-AMEX) and dealer market (NASDAQ) using a public sample of restatement announcements from 1997 to 2005. In both markets, we document economically and...

In this study, we examine the effect of taxes on the use of trade credit and on the relation between trade credit financing and managerial inside debt using the Tax Cuts and Jobs Act of 2017 TCJA (TCJA). We find that firms are likely to use more trade credit after the enactment of the TCJA,...

In this paper, we investigate the association between the general managerial ability of CEOs and the readability of 10-K reports. We find that the readability of 10-K reports is lower for firms managed by CEOs with general managerial ability. Our result is robust to change analysis, an alternate...

In this article we examine whether the traditional characteristic liquidity premium can be explained by market liquidity risk. We find that after adjusting for Pastor and Stambaugh market liquidity factor, the level of traditional liquidity remains priced. Also, consistent with previous studies...