This study explores whether taking into account variables for real earnings management improves specification of the default prediction model based on the Z-score methodology for Chinese listed companies. We demonstrate that the Z-score model proposed by Altman (1968) overestimates the survival...

This study explores whether high-growth firms use accruals as a signal instead of a misleading device in seasoned equity offerings (SEOs). Using firms listed on the NYSE, AMEX, and NASDAQ from 1987 to 2010 as our sample and the subsequent 5 years of the sample firms to examine ex-post...

This study adds to the literature on estimating the probability of informed trading (PIN), which interests market microstructure empiricists, by proposing the q-adjustment to the process of estimating PIN. Due to challenges in accessing the data necessary for distinguishing between buyer- and...