We examine the ability of insiders of firms with operational connections to China to anticipate the COVID-19 stock market crash. The COVID-19 crash provides a unique identification opportunity to study insiders' informational advantages due to its sudden and historic nature. We find that China...

This study examines the effect of geographic scope in mitigating the adverse impact of the COVID-19 pandemic in the real estate sector. Utilizing the Chinese setting over the two-month period in 2020 from the beginning of the outbreak to the successful containment of the spread of virus, we show...

This paper examines how investors perceive business group membership in Korea during the COVID-19 pandemic. Evidence of a time-varying and heterogeneous value of affiliation emerges from stock price performance analysis. I find that investors discount business group affiliation during a market...

In March 2020, government bond markets experienced severe illiquidity. Since then, regulators debate market reforms. One way to enhance liquidity could be to let government bonds, like stocks, be traded on central exchanges. We assess this reform with price data of the U.S, U.K., German,...

With a sample of ninety events (announcement and ex-date) using the event study methodology with the market model, we provide evidence for the impacts of the corporate announcements on stock returns during the pandemic stress. We find that all the corporate announcements do not impact the stock...

The policy response to the COVID-19 shock included regulatory easing across many jurisdictions to facilitate the flow of credit to the economy and mitigate a further ampli-fication of the shock through tighter financial conditions. Using an intraday event study,this paper examines how stock...

Utilizing new SEC data enabling us to compute performance of mutual funds' derivative positions, we study how funds use derivatives and how derivatives contribute to performance. Despite small portfolio weights, derivatives significantly impact funds' leverage and contribute largely to returns...

We use the COVID-19 pandemic to examine how this tail risk event affected analysts research production and their information intermediation role. Analysts markedly increase their research activity in the initial months of the pandemic: the number of quarterly earnings forecasts increases by 72%,...