To study the effect of the legal system on the cost of external financing, we examine the degree of underpricing of the IPOs by foreign companies listed in the U.S. We find that firms from highly corrupted countries have larger IPO underpricing. The quality of the home countries' public law...

Market efficiency varies across individual stock according to stock attributes. This paper finds prices are closer to random walk benchmarks for stocks with better liquidity provision, frequent trading, greater return volatility, higher prices, larger market capitalizations, and smaller trade...

We introduce the function principal component regression (FPCR) forecasting method to model and forecast age-specific survival functions observed over time. The age distribution of survival functions is an example of constrained data whose values lie within a unit interval. Because of the...