We identify samples of losers and winners by selecting daily stock price returns in excess of 10% (sign ignored) and determine whether these samples over- or underreact. We then identify "informed" events, which correspond to announcements in the "Wall Street Journal"("WSJ"), and "uninformed"...

Night trading provides an ideal laboratory to assess the behavior of stock markets when institutional liquidity providers are less active. The evidence indicates that extreme positive (winner) and negative (loser) stock-price movements during night sessions are followed by reversals the next...

This article examines the stock market's response to military contract award announcements for the 10-year period surrounding 11 September 2001. The abnormal returns of successful grantees are examined over the short run (days −1 to +1) and long run (days −1 to +60) to determine whether...

Using a measure of default likelihood based on an option pricing method, we provide evidence that Fed policy actions affect the financial distress of commercial banks. When the Fed increases (decreases) interest rates, the measure of default likelihood increases (decreases). We show that when...

Finance journal quality is a critical issue for faculty annual elevations, for the tenure and promotion process, and for the administration of faculty workload plans. Unlike other studies that use objective measures (such as citation frequencies) to rate journals, this study focuses on the...

Variation in IPO performance may be partially explained by differences in managerial control. In general, this characteristic has been ignored, perhaps because of the difficulty in testing its influence. The IPOs by mutual thrifts offer a laboratory in which the influence of managerial control...

A bank acquisition affects the combination of financial services that are offered, and the potential synergy between services. Consequently, an acquisition can affect the performance and risk of the bank. While much research is focused on bank acquisitions and other financial institutions, there...

A partial acquisition represents a unique form of corporate restructuring because it alters the ownership structure of two entities (in opposite ways), and therefore alters the form of control over the target's management. The proportion of the partial target that is owned by other shareholders...