In recent years hazard models, using both market and accounting information, have become state of the art in predicting firm bankruptcies. However, a comprehensive test comparing their performance against the traditional accounting-based approach or the contingent claims approach is missing in...

Ferguson and Shockley (2003. Equilibrium 'anomalies'. Journal of Finance 58: 2549-2580) develop a theoretical model and argue that size and book-to-market (B/M) effects in stock returns derive their cross-sectional explanatory power because they proxy for leverage and financial distress. Using...

Purpose – This paper aims to help explain the rapid growth in aggregate hedge fund assets under management until June 2008 followed by their subsequent dramatic collapse in terms of the conflicting emotions such investment vehicles evoke, and, from this, to consider the implications of the...

Adopts an empirical approach to demonstrate that a marked difference exists between the terms “readability” and “understandability”, suggesting that “reading ease”, as measured by formulae like FLESCH and LIX based on word and sentence complexity, conveys data which may be different...