A rich literature argues that stock repurchases often serve as positive economic signals beneficial to investors. Yet due to their inherent flexibility, open market repurchase programs have long been criticized as weak signals lacking commitment. We evaluate whether some managers potentially use...

The distinct regulatory design of Indian IPOs permits an empirical evaluation of IPO underpricing models against those that model IPO initial returns as a consequence of overpricing. Characteristics of the Indian bookbuilding process allow us to study the timing and subscription patterns of...

Non-deal roadshows (NDRs) are private meetings between management and institutional investors, typically organized by analysts. We find that around NDRs, local institutional investors trade heavily and profitably, while retail trading is significantly less informative. Analysts who sponsor NDRs...

We examine the effects of broker geography, i.e., the location of a brokerage’s financial advisor workforce, on the geography of retail trading in the stocks that the broker’s analysts cover. We find that retail investors are significantly more likely to trade and own stocks that are covered...