This study investigates the influence of information asymmetry on the cross-sectional variation of volume-return relation in the context of Australian stock market. In particular, this paper extends current research by incorporating informed traders' trade-size preference as well as its impact...

We analyze the pricing accuracy and risk properties of the constant-elasticity-volatility (CEV) market model. It is shown that the calibration results to both caps and swaptions show small pricing errors. The whole model fit confirms the existence of strike bias in the US interest rate...

The active money management industry has been characterized by both strong competitive pressure from passive investment vehicles and high fees. This paper investigates how the introduction of low-cost index funds affects fund company strategies. The retail mutual fund market is segmented, where...

We examine how third party ratings and mandatory benchmark disclosure affect aggregate risk adjustment by retail investors. Morningstar changed its ratings methodology in June 2002. Before the change, the ratings were based on a risk-adjusted performance ranking of all US equity funds and highly...

This paper examines how direct involvement of employees in corporate governance affects executive compensation. German law mandates that half of the supervisory board seats belong to employee representatives in firms with over 2,000 domestic employees. For identification, we exploit this...

This paper investigates the influence of information asymmetry on the cross-sectional variation of volume-return relation. We find that the dynamic volume-return relation within medium-size trades has the most significant response to the degree of information asymmetry. We also show that the...

Copyright owners produce and distribute creative works in exchange for financial benefits as rewards. Meanwhile, users pay for the access to these works for personal enjoyment, which become the incentive to future copyright creation. Theoretically, this is an ideal circulation of copyright...

Among a variety of enforcement strategies, copyright law enforcement function as strongest safeguard to control and eliminate copyright infringement. As traditional strategy, copyright law enforcement is fundamentally distinguished from the first type by DRM system. Because copyright law...