The Public Offering Review Committee plays a significant role in China’s capital market, in which the individual determines whether the company can be listed or not, then affect the issuance quality. Most of the previous research take the ‘social connect’ as committee members’ personal...

We study the impact of short squeezes on the cost of short selling. Our identification of short squeezes builds on the stock price reversals following large one-day price increases. We find that the cost of short squeezes triggered by sudden price increases is economically meaningful and...

The turn-of-the-month effect in U.S. equities is found to be so powerful in the 1926-2005 period that, on average, investors received no reward for bearing market risk except at turns of the month. The effect is not confined to small-capitalization or low-price stocks, to calendar year-ends or...

A turn-of-the-month effect in U.S. equity returns was initially identified by Lakonishok and Smidt (1988) using the DJIA for the period 1897-1986. According to the turn-of-the-month effect, equity returns over the interval beginning the last trading day of the month and ending three days later...