This paper provides a comprehensive examination of money flows in corporate bond funds which, though less researched, represent an important setting to study investor behavior. Based on a large sample of corporate bond funds over 1991–2014, we first show that flows are sensitive to both fund...

Corporate governance theories generally suggest that institutional investors could effectively improve the quality of governance through intervention and threat to exit. However, passive institutional investors such as index funds and ETFs lack the ability to exit and may not have strong...

This study finds that firm life stage affects investor behavior around earnings announcements. Introduction and decline stage companies exhibit significantly less positive cumulative abnormal returns (CARs) around positive earnings surprises and more negative CARs around negative earnings...

Motivated by investor preference for low price stocks, we examine the significance of nominal prices for the universe of U.S. stocks. We find that there is no statistically significant difference in returns for stocks with different nominal prices when size is not controlled for. However, a...

Theoretical predictions and empirical results are ambiguous about existence of seasonality in futures markets. This paper examines one prominent seasonality, i.e. the weekend effect in futures markets and presents rational and behavioral reasons for its existence. Specifically, we document a...