Purpose–The purpose of this paper is to investigate how insiders’ trades are executed and whether and how outside investors can mimic outperforming insiders and reap substantial portfolio returns that withstand the erosion from adjustments for both the standard factors and stock...

Purpose–The purpose of this paper is to conduct an empirical analysis of the trading performance of US corporate insiders. Design/methodology/approach–Based on the volume weighted average price (VWAP), the authors propose a metric to measure the trading performance of US corporate insiders:...

Purpose–The purpose of this paper is to provide some rational perspectives for the flight-to-liquidity event rather than simply attributing it to the change in investor sentiment. Design/methodology/approach–The paper builds a model to highlight the inherent difference in investors'...

This paper considers a 2-station-5-class re-entrant line with infinite supply of work. We obtain the necessary and sufficient condition for its corresponding fluid model to be stable. As an application of the result, the positive Harris recurrence of the 2-station-5-class re-entrant line is...

This paper examines the profitability of option-based merger arbitrage. A simple arbitrage strategy using stock options is designed to examine the merger arbitrage profitability from 1996 to 2008. This strategy takes long position on call options of target firms and put options of acquirer firms...

We consider the logarithm of the likelihood ratio between the sequence of the nonnegative integer valued random variables and the independent product distribution, establishing strong deviation theorems on the subset. As a corollary, we obtain classical strong laws of large numbers of Kolmogorov...

The influences of alkali and alkali–earth salts on the combustion of municipal solid waste (MSW) have been studied by thermogravimetric analysis (TGA). In the presence of alkali and alkali–earth salts, the combustion of MSW become easier than that of non-catalyzed MSW. By comparing the...

This paper analyses the characteristics and functioning of real estate markets. It focuses on the relationship between developments in these markets and the financial sector to determine under what circumstances real estate booms and busts can develop and how they can affect the health and...