Short-rebate fees are a strong predictor of the cross-section of stock returns, both gross and net of fees. We document a large "shorting premium": the cheap-minus-expensive-to-short (CME) portfolio of stocks has a monthly average gross return of 1.43%, a net return of 0.91%, and a 1.53%...

Purpose–The purpose of this paper is to empirically analyze the effects of managerial overconfidence on debt maturity structure decisions in terms of liquidity risk and asset match in Chinese listed companies. Design/methodology/approach–Combining data from CSMAR with some default data...

Competitive pressures and demanding business environments emphasise the importance of a firm's technological capabilities as a source of sustainable competitive advantage. Firms are increasingly looking at better ways of managing their technological resources over the long-term through the...

This article assesses the relationship between plan characteristics and Medicare Prescription Drug Plan (PDP) bids. Medicare PDP information data are used to link plan and geographic data for stand-alone prescription drug plans participating in the Part D programme from 2006 to 2008...

The vortex phases and dynamics of high-temperature and conventional amorphous superconductors are investigated over a broad frequency range. A second-order vortex-solid melting transition in both YBa2Cu3O7 single crystals with random point defects and amorphous Mo3Si films is manifested by a set...

Using a Mortensen-Pissarides search-and-matching framework, this paper investigates the importance of search frictions in determining the welfare and distributional effects of tax reforms that re-allocate the tax burden from capital to labour income. Calibrating the model to the UK economy, we...