Discretely rebalanced options arbitrage strategies in the presence of transaction costs have path dependent returns that are difficult to model analytically. I instead use a quasi-analytic procedure that combines the computational efficiency of analytical solutions with the flexibility of...

Firm management typically claims that voluntary accounting method changes (VACs) are made to enhance the informativeness of earnings by better matching accounting practices with economic reality. In contrast, skeptics argue that managers adopt new accounting procedures to opportunistically...

This paper examines the nature of lifecycle intellectual contributions (publication productivity and quality) of prolific scholars in finance, i.e., those that have published twelve or more scholarly papers in finance journals. Like other scholars, their productivity increases dramatically in...

We provide a ranking of world finance research output by countries and institutions. Based upon 21 finance journals, the top five most productive countries are in the following order: U.S., U.K., Canada, Hong Kong, and Australia. We find that higher per capita GNP, English-speaking countries,...

This paper examines the role of investment opportunities and free cash flow in explaining the source of the stock valuation effects of secured debt offerings. We find a significantly positive relation between a firm's investment opportunities and its stock price response to announcements of...

Existent empirical evidence on the relative performance of auditors’ going concern opinions versus statistical models in predicting bankruptcy is mixed. This study attempts to add new reliable evidence on this important issue by conducting the comparison based upon an improved statistical...

We find that corporate voluntary disclosure is negatively associated with the separation of cash flow rights from control rights. This result is consistent with the notion that as the separation of cash flow rights from control rights increases, controlling owners have larger incentives to...