We investigate the association between corporate international diversification and operating and market performance and firm spread (liquidity). We find, as expected, that foreign fixed assets of US firms are significantly and positively related to firm performance as measured by operating...

In this paper, I examine when and how accounting restatement information about a firm manifests in its price and volume of shares traded and empirically contrast price and trading volume responses with the endogenous firm size factor. The stock price analyses indicate that investors' increased...

[Abstract: To improve comparability of financial statements across countries, the US Securities and Exchange Commission (SEC) and International Accounting Standards Board (IASB) are involved in the convergence process for a single, high quality accounting standards. This paper examines the...

We examine the relation between international diversification and three measures of performance - share price, operating accounting income, and operating cash flows. As predicted, we find that foreign assets of U.S. firms are positively associated with price, implying that investors recognize...

Statement of Financial Accounting Standard No. 131 issued in 1997, regulates the reporting of geographic segment information by U.S. firms SFAS. 131: Reporting Disaggregated Information about a Business Enterprise and Related Information supersedes previous segment-reporting rules of SFAS No.14...

This paper shows that COVID-19 is associated with a decrease in liquidity and increased pricing efficiency and trading activities before the NYSE closed its trading floor. The closure of the trading floor led to a reduction of liquidity, pricing efficiency, and trading activities on the NYSE....

This paper explores the role of pre-opening price signals in price discovery and liquidity. NYSE Rule 48 suspends the responsibility of designated market makers for disseminating pre-opening price indications in the event of extreme market-wide volatility. Rule 48 speeds up the opening of stocks...

In this study we analyze dealer exit, survival, and competitive equilibrium in the NASDAQ Stock Market using data from a unique time period that entails major changes in regulatory and competitive environments. We decompose the forces that affect dealer survival into market factors and dealer...

In this study we show that market uncertainty [measured by the Chicago Board Options Exchange Market Volatility Index (VIX)] exerts a large market-wide impact on liquidity, which gives rise to co-movements in individual asset liquidity. The effect of VIX on stock liquidity is greater than the...

This study shows that market volatility affects stock returns both directly and indirectly through its impact on liquidity provision and the negative relation between market volatility and stock returns arises not only from greater risk premiums but also greater illiquidity premiums that are...