This study investigates the effect of product market competition on the overreaction to intra-industry information transfers. Prior studies show that the stock market overreacts to the information transfers resulting from the earnings announcements of early peers. I find that investors overreact...

We examine the effect of managerial ownership on the cost of debt as measured by the interest rate spread on corporate bonds for Japanese firms. First, we find that the managerial ownership is positively associated with interest rate spread after controlling for the other Japanese ownership...