Previous studies have documented the reversal in the initial return of REIT IPOs from overpricing in the 1980s to underpricing in the 1990s. We find that the gross spreads of REIT IPOs decreased significantly in the 1990s. In particular, there is a bimodal clustering for gross spreads at 6.5%...

We examine the role of demographics and family/social interaction in Chinese household finance. The impacts of demographic characteristics are not limited to stock market participation, but extend to other financial activities. Households with strong family and social interaction are more likely...

We examine membership on editorial boards of sixteen leading finance journals in 1985, 1990, 1995, and 2000. Membership on a board of a high-quality journal is highly selective. Editors and members of editorial boards of quality journals are trusted by their peers who submit their research for...

In this study, the impact of regression tendency and order bias on the calculated average residuals and around the event period is examined. The findings indicate that the abnormal return calculated with unadjusted parameters may lead to a misestimation of the true average residual. However, the...

This paper examines the valuation effects of corporate name changes involved oil related terms during recent oil price surges. Using data from the U.S. and Canadian stock markets, we show that there is a tendency for companies in both markets to add oil or petroleum to their corporate names when...

This article measures overall, allocative, technical, pure technical and scale efficiency levels for a sample of residential real estate brokerage firms using data envelopment analysis, a linear-programming technique. The results suggest that real estate brokerage firms operate inefficiently....