We examine the impact of corporate social responsibility (CSR) disclosure strategies on equity market liquidity. Using data on CSR disclosure from Bloomberg, we find that equity market liquidity improves as firms increase their CSR disclosure transparency. Specifically, firms with more...

The impact of dark trading on price efficiency is a concern to market design and regulation. In U.S. markets there are several types or “shades” of dark trading. Using a comprehensive approach, we investigate how various forms of non-displayed order flow such as hidden orders on exchanges,...

This paper examines the Financial Management Association (FMA) Annual Meeting programs from 1996 through 2012. During this seventeen year time period, 2,107 unique (different) institutions are represented on the FMA program. Georgia State University has the most authors on the FMA program during...

Using a sample of bank loans issued to U.S. firms from 2000-2009 we find that specific governance mechanisms determine a firm's cost of borrowing in syndicated credit agreements. Firms with governance mitigating agency risk between stakeholders, i.e. independent boards, strong shareholder...

Utilizing several models and regression analytics I compare factor attribution, strategies, and active management fees for 11,394 U.S. equity mutual funds and a matched sample of hedge funds from 1994 to 2010. There is modest evidence to support alpha delivery by mutual and hedge fund managers...

We reconsider the question of whether beta-centric hedge fund activity is predictive of superior performance. We construct a measure of overall beta activity of fund managers, Beta Activity, and find evidence that top beta active managers deliver superior long term out-of-sample performance...

This paper investigates the capital structure of a large sample of U.S. private firms from 2004 to 2013. There is considerable heterogeneity in private firm capital structure, not only in terms of the level of leverage but also with regard to the issuance of specific debt instruments. Leverage,...

The global market of inter-banking syndicated loans is a vast network of obligations upon which lenders rely for longer-term financing, and, in turn, provide to the real economy to finance projects. This network is explicitly modeled from 1998 to 2013 such that firms are nodes and loan...

The study examines the association between CEO’s network connections and audit timeliness. Based on extant research, we hypothesize that well-connected CEOs are associated with reduced audit lag. Using a sample of over 2000 firms for the period 2004 to 2017, we find that, ceteris paribus,...