We adopt a power law framework to measure the concentration of daily trading among the different stocks on the US market. Our analysis of the trends of daily concentration over the last five decades reveals that trading concentration is lower on Mondays and the day after a long weekend. These...

We adopt a power law framework to measure the concentration of daily trading among the different stocks on the US market. Our analysis of the trends of daily concentration over the last five decades reveals that trading concentration is lower on Mondays and the day after a long weekend. These...

Firms added to (deleted from) the S&P 600 index experience a significant price increase (decrease) at announcement. Firms that newly enter (exit) the S&P universe experience a larger price increase (decrease) than firms that move between S&P indexes. Trading volumes are higher after the...

We examine the effects of stock repurchase announcements on the value of the announcing insurance firms and on the value of rival insurance firms. We find that insurance firms experience a significant increase in value at the time of the announcement. Repurchasing firms continue to earn excess...

We use the power law function to study changes in the distribution of trading volumes of S&P 500 stocks and non-S&P 500 stocks from 1960 to 2013. We find that the distribution of daily trading volumes has changed significantly for different baskets of non-index stocks and trading has become more...