We adopt a power law framework to measure the concentration of daily trading among the different stocks on the US market. Our analysis of the trends of daily concentration over the last five decades reveals that trading concentration is lower on Mondays and the day after a long weekend. These...

We examine the effects of stock repurchase announcements on the value of the announcing insurance firms and on the value of rival insurance firms. We find that insurance firms experience a significant increase in value at the time of the announcement. Repurchasing firms continue to earn excess...

We use the power law function to study changes in the distribution of trading volumes of S&P 500 stocks and non-S&P 500 stocks from 1960 to 2013. We find that the distribution of daily trading volumes has changed significantly for different baskets of non-index stocks and trading has become more...

We model the distribution of daily stock trading volume using the power law and document a new phenomenon. The power law exponent systematically increases with time suggesting that trading is becoming increasingly concentrated in a subset of stocks

Firms added to (deleted from) the Samp;P 600 index experience a significant price increase(decrease) at announcement. Firms that newly enter (exit) the Samp;P universe experience a larger price increase (decrease) than firms that move between Samp;P indexes. Trading volumes are higher after the...

Previous studies suggest that retirees face the risk of financial ruin even with (real) withdrawal rates as low as 4%. This paper proposes a new retirement investment strategy using Treasury Inflation Protected Securities (TIPS) and longevity insurance products that would permit annual...