We survey theoretical developments in the literature on the limits of arbitrage. This literature
investigates how costs faced by arbitrageurs can prevent them from eliminating mispricings …

Published in 1997, this text focuses on the conundrum between the academics ability to
distinguish between failing and non-failing businesses with models of over 85.5 per cent …

Few innovations in the money markets have brought more attention by regulators and policy
makers than the digital currency Bitcoin. However, few studies in the literature have …

This study empirically investigates two effects of alternative data availability: stock price
informativeness and its disciplining effect on managers' actions. Recent computing …

We show that short interest is arguably the strongest known predictor of aggregate stock
returns. It outperforms a host of popular return predictors both in and out of sample, with …

We find that connections CEOs develop with top executives and directors through their
appointment decisions increase the risk of corporate fraud. Appointment‐based CEO …

Using a large sample of US public firms, we find robust evidence that short interest is
positively related to one-year ahead stock price crash risk. The evidence is consistent with …

The purpose of this paper is two-fold. First, I attempt a taxonomy of the extant accounting
literature on disclosure: that is, a categorization of the various models of disclosure in the …

Various theories have been proposed to explain momentum in stock returns. We test the
gradual‐information‐diffusion model of Hong and Stein (1999) and establish three key …

This paper suggests that earnings announcements provide information that allows certain
traders to make judgements about a firm's performance that are superior to the judgements …