We provide a research ranking of academic finance departments that incorporates both a quantitative and qualitative dimension in its methodology. Based on the strengths of the various approaches in the literature, our modified citation approach includes all research outlets (not just finance...

Asian initial public offerings (IPOs) require investors to pay a subscription cost upfront upon submission of an application, and these funds are locked up for one to three weeks without interest. Hence, the IPO process entails an explicit financing cost (opportunity cost) whether investors...

On November 20, 1998, the Hong Kong Futures Exchange started opening its markets fifteen minutes earlier than the opening time and closes its markets fifteen minutes later than the closing time of the Hong Kong Stock Exchange. In this paper we utilize the Geweke feedback measures to examine the...

We study the impact of short sales on accrual-based and real earnings management (EM). Based on the costs and benefits of using EM to hide negative information, we derive an analytical model showing that there are two possibilities: 1) a firm engages in less accrual-based and real EM when facing...

We investigate net buying pressure in the Hong Kong Hang Seng Index options market during the Asian financial crisis from July 1997 to August 1998. Our findings suggest that during this period, the dramatic changes in volatility overwhelmed the dynamics of supply and demand in the options...

This pedagogical note introduces 'The Essays of Warren Buffett: Lessons for Corporate America'. We find the Essays are insightful and useful in the classroom. We also share our lesson plan in using the material for discussion on corporate governance and other issues. A survey result also reveals...

We examine the extent to which security analysts are homogeneous in their effect on firm valuation as measured by Tobin's Q. Earlier research documents a significant and positive relation between analyst coverage and firm valuation. We identify three classes of equity analysts and examine their...

An important question concerning integration of global financial markets is whether local investors in an equity market react differently from international investors, particularly during periods of financial crisis. Considering local investors are closer to information, they might turn...

This study examines the selectivity and market timing ability of international mutual fund managers. Ninety-seven international mutual funds with a minimum of five-year return history selected from the Morningstar OnDisc database are analyzed. Our findings suggest that managers of international...

This study analyzes the relative bid-ask spread for the two classes of common shares offered by Telefonos De Mexico that are listed on the NYSE and the NASDAQ. The effects of security price, security risk, trading volume, number of market makers, and extent of informed trading on the relative...