Background: We investigate whether the success of contrarian investment strategies can be attributed to differences in the relative illiquidity of stocks categorized as value investments versus those categorized as glamour portfolios. Methods: Following Lakonishok et al. (J Financ 49:1541-1578,...

Background: We investigate whether the success of contrarian investment strategies can be attributed to differences in the relative illiquidity of stocks categorized as value investments versus those categorized as glamour portfolios. Methods: Following Lakonishok et al. (J Financ...

Intro -- Title Page -- Copyright -- Table of Contents -- Preface -- Acknowledgments -- About the Author -- Part One: Introduction to Forwards, Futures, and Options -- Chapter 1: Forwards and Futures -- Introduction -- 1.1 Forward contract characteristics -- 1.2 Long forward payoff -- 1.3 Long...

The correlation between interest rates and corporate bond yield spreads is a well-known feature of structural bond pricing models. Duffee (1998) argues that this correlation is weak once the effects of call options are removed from the data; a conclusion that contradicts the negative correlation...

Using a sample of politically-affiliated private firms in China, we explore the relation between corporate financial distress and earnings management. We further examine the joint moderating effects of political affiliation and regional development on this relation. The findings suggest that...