We investigate the trading of benchmark ETFs, leveraged ETFs, and leveraged inverse ETFs that are matched based on their tracking index or sector. We find that ETF trading is very active and average daily trading volume for the most active ETF is more than $25 billion during the period of March...

This paper considers potential differences in the appraisal of event-risk covenants by the two rating agencies, Samp;P and Moody's. While Samp;P supplements its traditional bond ratings with even-risk covenant rankings, Moody's incorporates its judgment of these covenants directly into its bond...

We investigate whether the sale of secondary shares in the IPO process is affected by an issuing firm’s market-timing and window-dressing activities. We find that secondary share offerings in IPOs exhibit positive autocorrelation, and the positive autocorrelation is mainly affected by the...