Initial coin offerings (ICO) rely on crypto expert ratings to overcome asymmetric information in fundraising, though experts can provide optimistic ratings to promote ICO fundraising due to their opportunities to act as advisors in subsequent ICOs. Using ratings on ICOBench.com, we find that...

The auction rate bond market grew from inauspicious beginnings in 1985 to representing a significant fraction of the municipal bond market in 2007 with a total of 603 issuances that year raising more than $35 billion in capital. Since March of 2008 not a single auction rate bond has been issued....

We examine how the exemption of short sale uptick tests due to the Regulation SHO pilot program affects managers’ decisions to abandon value-reducing acquisition attempts. We find that when deciding whether to abandon value-reducing acquisition attempts during the program, managers of pilot...

Using 636 large acquisition attempts that are accompanied by a negative stock price reaction at their announcement (“value-reducing acquisition attempts”) from 1990-2010, we find that, in deciding whether to abandon a value-reducing acquisition attempt, managers' sensitivity to the firm's...

We examine how the exemption of short sale uptick tests due to the Regulation SHO pilot program affects managers’ decisions to abandon value-reducing acquisition attempts. We find that when deciding whether to abandon value-reducing acquisition attempts during the program, managers of pilot...

By examining the post-retirement outside board seats held by former CEOs of S&P 1500 firms, we find that CEOs' post-retirement outside board memberships are influenced by the tone and level of media coverage given to the CEOs' firms while the CEOs were “on the job.” These results provide...

Using 636 large acquisition attempts that are accompanied by a negative stock price reaction at their announcement (“value-reducing acquisition attempts”) from 1990-2010, we find that, in deciding whether to abandon a value-reducing acquisition attempt, managers' sensitivity to the firm's...

Using a sample of scandals involving US congresspersons, we investigate the spillover from the scandal-tainted congresspersons to firms connected to them through PAC contributions. Following the first media report of a scandal, firms connected to the scandal-tainted congresspersons experience a...