the University of Chicago. Andrew Karolyi is grateful to the Dice Center for Research in Financial Economics for … Business School, Ohio State, Northwestern, University of British Columbia, Virginia, Wilfred Laurier, and Yale, and to Lucian … it is affected by a country’s institutions and business conditions. As an alternative measure of growth opportunities …

University Fisher College of Business 606 Fisher Hall, 2100 Neil Ave Columbus, OH 43210 Tel: (614) 292-7562 Fax: (614) 292 …-2418 loh_26@cob.osu.edu & Singapore Management University Lee Kong Chian School of Business 469 Bukit Timah Road … NUS Business School 1 Business Link Singapore 117592 Tel: (65) 6874 3015 Fax: (65) 6779 2083 bizgmm …

* Yinglei Zhang* *Fisher College of Business, Ohio State University. Hirshleifer: hirshleifer_2@cob.osu.edu, http … Accounting and Economics 2003 Conference at the Kellogg School, Northwestern University; the 2004 National Bureau for Economic … indicators of good business conditions and growth opportunities, and may be associated with high accruals and investment. If …

Frederik P. Schlingemann, b and René M. Stulz c,d,* August 2004 a Cox School of Business, Southern Methodist … University, Dallas, TX 75275, USA b Katz Graduate School of Business, University of Pittsburgh, Pittsburgh, PA 15260, USA c … Fisher College of Business, The Ohio State University, Columbus, OH 43210, USA d National Bureau of Economic Research …

College of Business Columbus, OH 43210-1144 E-mail: rudi@cob.osu.edu This version: September 6, 2006 ⁄Finance Department …, Fisher College of Business, The Ohio State University. I would like to thank Heitor Almeida, John Core, David Denis, Paul …, KarenWruckandseminarparticipantsatAmsterdamUniversity, Dartmouth, ESSEC, Harvard Business School, HEC Lausanne, HEC Montreal, Ohio State University, UC Irvine, UNC Chapel …

- closure in one arena can crowd out disclosure in other fundamentally unrelated arenas. ∗Fisher College of Business, The Ohio … Summer Finance Conference at Estes Park, Colorado, and at the 14th Financial Economics and Accounting conference at … approach we provide is readily applicable to other prob- lems in information economics. We suggest some further directions …

College of Business and Economics harrisj@lerner.udel.edu Venkatesh Panchapagesan* Washington University-St. Louis Olin … Georgetown University McDonough School of Business angelj@georgetown.edu Jeffrey H. Harris University of Delaware Lerner … School of Business panchapagesan@wustl.edu Ingrid M. Werner The Ohio State University Fisher College of Business …

version: September 2005. Bing Han is with the Fisher College of Business at The Ohio State University. Francis Longstaff is ….” The RAND Journal of Economics, 1997, 28(3), pp. 544-565. Bikhchandani, Sushil and Huang, Chi-fu. “Auctions with Resale …, Chi-fu. “The Economics of Treasury Securities Mar- kets.” Journal of Economic Perspectives, 1993, 7, pp. 117 …

Center for Research in Financial Economics is gratefully acknowledged. yHan is with the Fisher College of Business at the … Ohio State University. He can be reached at han.184@osu.edu, or (614) 292-1875. Wang is from the School of Business …

fund risky financial assets (e.g. mortgages, consumer loans, business loans, etc.) with debt in a way that minimizes … indicators will absorb not just trends but any common shock such as those associated with business cycles or market disturbances … focus on the liability side of their business. That is, they tend not to originate new loans that could potentially be …