The Paris Bourse (currently Euronext Paris) refined its trading system to include electronic
call auctions at market closings in 1996 for its less-liquid Continuous B stocks and in 1998 for …

Bank consolidation is a global phenomenon that may enhance stakeholders’ value if
managers do not sacrifice value to build empires. We find strong evidence of managerial …

Using data on stocks held by individual investors at retail brokerage firm Robinhood, we
document that these investors are actively engaged in both momentum and contrarian trading …

Corruption has significant effects on a nation’s financial markets through its adverse impact
on foreign portfolio investment (FPI). Yet, the effects of corruption on FPI are nonlinear and …

Electronic call auctions are used globally to open and close equity market trading; as such,
they are a critically important facility that needs to be better understood. The paper focuses …

Every investment needs a benchmark. In a competitive market economy, all economic actors
are constantly calibrating their performance in relative and absolute terms against their …

We examine the risk and return linkages across US commercial banks, securities firms, and
life insurance companies during the 1991–2001 period. After controlling for changes in the …

We study the mergers of US publicly traded bank holding companies during 1987–2000 and
find that the acquiring firm's sustainable growth rate is an important determinant of the cross…

We identify an alternative source of ETF shorting related to the market maker liquidity provision
and creation/redemption activities. Unlike “directional shorting” used for informational or …

Using an integrated model to control for simultaneity, as well as new risk measurement
techniques such as Adapted Exposure CoVaR and Marginal Expected Shortfall (MES), we show …