This paper examines the impact of increased pre-close transparency on the effectiveness of stock closing call. On January 1, 2003, the Taiwan Stock Exchange increases pre-close transparency by disclosing the best five bid and ask prices and related unexecuted orders before market closing. At the...

Recent studies have shown the time trends of firm stock repurchase behavior. We examine these time changes for stock repurchase through the lens of real activities earnings management. Managers appear more likely to manipulate earnings through stock repurchases since the passage of the...

We find return comovement in stocks that conduct a similar extent of corporate social responsibility (CSR) activities. The return comovement is stronger among firms with lower CSR scores than among firms with higher CSR scores. Consistent with the affordable fund view, high-growth companies may...