We examine the relations between dollar flows of U.S. listed ETFs with exposure to the U.S., Europe, Asia, and the rest of the world during the COVID-19 crisis, using a Markov Switching Model (MSVAR). We find evidence that investors use ETFs to gain exposure to foreign markets and swiftly adjust...

This study examines the relationship between operational efficiency (OE) and stock price crash risk (SPCR). While high OE is arguably associated with better firm performance, it also increases vulnerability to disruptions and exposure to SPCR. Using a sample of US firms from 1997 to 2018, the...

Purpose: Focusing on the direction of foreign acquisition, this study aims to differentiate the effect of institutional distance on the level of ownership. The authors identify several theoretical and methodological issues that might account for the inconsistencies in the literature and provide...

Economic policy uncertainty imposes a non-diversifiable risk on the firm. Our results show that financial flexibility is a formidable tool for firms in confronting economic policy uncertainty. Researchers have long considered financial flexibility a missing link in the literature as actual firm...