Committing financial fraud is a serious breach of business ethics. However, there are few large scale studies of financial fraud that involve ethical considerations. In this study, we investigate the pervasive financial scandals, which by the end of 2012 involved more than a third of the...

We examine whether social media criticisms posted by small investors can predict subsequent firm acquisition decisions. Specifically, we use textual analysis to examine the Internet stock message board postings of 303 value-reducing acquisition attempts. Our empirical evidence shows that small...

On November 8, 2002, two new exchanges, OneChicago and NQLX, began trading single stock futures (SSFs) in U.S. We study how these exchanges choose the listed products, and we compare the trading volumes on the two exchanges. The selection process is consistent with the objective of maximizing...