The purpose of this study is to extend the research on mutual fund performance persistence to net asset value and market price performance of domestic closed-end funds. While research has assessed the performance persistence of open-end mutual funds, it has not assessed the performance...

We design an empirical model to determine the prior probability of a bank becoming an acquisition target. We find that the probability of a bank being acquired is higher for banks that are larger, have a lower return on assets, a higher capital level, more non-performing loans, higher run-up in...

Valuation effects of insurers' security offerings are examined by measuring the share price response to announcements of impending security issues. Insurers exhibit unique characteristics that can cause the signal emitted by their security offerings to differ from that of other firms. An event...

Previous research on the returns to real estate investment trusts (REITs) has considered whether or not REITs are systematically exposed to general stock market risk and interest rate risk. This study examines how the sensitivity of REIT returns to these factors may be influenced by various REIT...

The purpose of this study is to determine what firm-specific factors affect the risk of insurance companies. Traditional methods used to identify potential failures have been severely criticized. Thus, alternative approaches to risk assessment should be of interst to investors and managers of...

We find that profit-warning announcements elicit a strong negative market response that is not sensitive to timing of the warning in advance of the earnings announcement. Share prices begin to adjust about five days before a profit warning, and the market response is not complete until about...