<heading id="h1" level="1" implicit="yes" format="display">Abstract</heading>The existing literature finds conflicting results on the cross-sectional relation between expected returns and idiosyncratic volatility. We contend that at the firm level, the sample correlation between unexpected returns and expected idiosyncratic volatility can cloud the true relation...

We examine membership on editorial boards of sixteen leading finance journals in 1985, 1990, 1995, and 2000. Membership on a board of a high-quality journal is highly selective. Editors and members of editorial boards of quality journals are trusted by their peers who submit their research for...

We examine the extent to which security analysts are homogeneous in their effect on firm valuation as measured by Tobin's "Q". Earlier research documents a significant and positive relation between analyst coverage and firm valuation. We identify three classes of equity analysts and examine...

We investigate net buying pressure in the Hong Kong Hang Seng Index options market during the Asian financial crisis from July 1997 to August 1998. Our findings suggest that during this period, the dramatic changes in volatility overwhelmed the dynamics of supply and demand in the options...