This paper empirically examines the efficacy of the 2008 short-sale ban. We find that the firms covered by the ban experience positive abnormal returns at the ban initiation. When the ban expires, small banks, medium/large banks, and brokerage firms continue to experience positive abnormal...

We examine whether changes to corporate governance arising from board reforms affect corporate tax behavior. While the relation between corporate governance and tax behavior has been the subject of intense interest in the literature, prior research has been hampered by a lack of exogenous...

Prior studies challenge the practical usefulness of Markowitz portfolio optimization in improving the return-risk tradeoff in portfolio management. We approach this question from a unique angle by examining whether one can improve the performance of a large sample of actual mutual fund...

We study the impacts of regime changes and related rule implementations on IPOs’ initial return for China’s entrepreneurial boards (ChiNext and STAR). We propose that an initial return contains the issuer’s fair value and an investors’ overreaction and examine their magnitudes and...