We adopt a power law framework to measure the concentration of daily trading among the different stocks on the US market. Our analysis of the trends of daily concentration over the last five decades reveals that trading concentration is lower on Mondays and the day after a long weekend. These...

Firms added to (deleted from) the S&P 600 index experience a significant price increase (decrease) at announcement. Firms that newly enter (exit) the S&P universe experience a larger price increase (decrease) than firms that move between S&P indexes. Trading volumes are higher after the...

We examine the effects of stock repurchase announcements on the value of the announcing insurance firms and on the value of rival insurance firms. We find that insurance firms experience a significant increase in value at the time of the announcement. Repurchasing firms continue to earn excess...

Employees are increasingly opting for defined contribution plans over defined benefit plans when given a choice. But this may not always be the best option. Using data from retirement plans available to employees of public educational institutions we show that, over the last fifty years,...

Firms added to (deleted from) the Samp;P 600 index experience a significant price increase(decrease) at announcement. Firms that newly enter (exit) the Samp;P universe experience a larger price increase (decrease) than firms that move between Samp;P indexes. Trading volumes are higher after the...