Integrating transaction cost, agency, and resource-based theories, this study extends the work of Peng and Ilinitch (1998) by undertaking the first empirical efforts to expolore the determinants of export intermediary performance. We suggest that given the transaction cost constraints and...

Fixed income investors attempt to outperform their benchmarks by expression views on yield curve allocations, sector and quality allocations and security selection. This article presents a quantitative study based on a perfect foresight world assumption of the relative merits of the various...

I study the information content of corporate insiders' purchases when their firms experience sharp increases in short interest. Insider purchases mitigate the negative impact of short selling on stock prices, but this effect is temporary and reverts within one year. The cumulative abnormal...

By exploiting the exogenous reductions of analyst coverage due to closures and mergers of brokerage firms, I examine the causal impact of information asymmetry on insider trading. I find that corporate insiders' abnormal returns increase sharply after coverage reductions. This effect is stronger...

We build a competition network that links two industries through their common market leaders. Industries with higher centrality on the competition network have higher expected stock returns because of higher exposure to the cross-industry spillover of distress shocks. The competition intensity...