We test the biasedness of unsolicited ratings relative to solicited ratings using the ex post firm performance measured by the long-run stock performance of firms following rating announcements and changes. We find that the announcements of new unsolicited ratings are followed by negative...

We show that if a lead-lag relation exists between the option and spot markets, the implied volatility in option prices can be biased depending on the level of the true volatility; that is, the higher the true volatility, the more upward biased the implied volatility will be. We then test the...

We investigate 589 production suspension announcements during from 2000 to 2015 in Korea to identify determinants of production suspension, event, operating and financial characteristics. We find that restructuring announcements have negative impact on stock returns while other reasons such as...