This paper examines implications of substitutability of two similar investment vehicles: conventional index mutual funds and exchange traded funds (ETFs). It seeks to explain the coexistence of these vehicle types, which offer a claim on the same underlying index return process, but have...

An acorn fell on Chicken Little's head, and he concluded that the sky was falling. Stocks' return correlations have moved toward one at times, and current day Chicken Littles have concluded that, when this happens, alpha opportunities are diminished. Both conclusions make about the same amount...

We test a theory about ambiguity surrounding the distribution of fundamental values to determine how market uncertainty affects earnings guidance perception and behavior. We find a more pronounced negative share price response to negative earnings guidance and a lower likelihood that management...

This study examines cross-sectional differences among money market mutual funds (MMMFs) in the context of sponsoring fund families. The study finds that flows to family non-MMMFs are negatively related to family MMMF flows, and family non-MMMF cash flow volatility is positively related to family...

The increased government efforts to pursue insider trading charges against Galleon Group and the subsequent increase in penalties for violating insider trading laws can deter managers from leaking information and deter investors from capitalizing on leaked information before earnings guidance...

English Abstract: The article contains an analysis of the activities of FCS in the area of income generation in the Russian federal budget. The structure of federal budget revenues administered by FCS Russia was analyzed

Russian Abstract: В статье анализируется социально-экономические показатели развития ведущих стран АзиатскоТихоокеанского региона и их динамика. Приводится оценка...