THE ASSOCIATION BETWEEN A firm's financial structure and its operating char-acteristics-its
industrial classification and its size, among others-took on added importance as a result of …

This paper examines short‐sales transactions in the five days prior to earnings announcements
of 913 Nasdaq‐listed firms. The tests provide evidence of informed trading in pre‐…

This paper studies short-selling prior to the release of analyst downgrades in a sample of 670
downgrades of Nasdaq stocks between 2000 and 2001. We find abnormal levels of short-…

This paper examines the trading volume of a sample of high-yield corporate bonds reported
on Nasdaq's Fixed Income Pricing System (FIPS). This analysis of volume allows us to better …

We examine the frequency of short selling in stocks listed in the Nasdaq market. Using
previously unavailable transaction data, we can report several findings: (1) overall, 1 of every 42 …

We use data from Nasdaq's FIPS system for reporting transactions in selected high-yield
corporate bonds to investigate the relationship between the returns on a firm's stock and the …

The overreaction theory proposes that investors often respond to new information with an
excessive price change, which they later correct by an opposite movement in the market value. …

Recent research shows that unsuccessful tender offers may affect target share returns for
two years past the offer's announcement. This note examines target returns in the interim …

We examine daily short selling of Nasdaq stocks to explore whether speculative short selling
causes a significant portion of the weekend effect in returns. We identify a weekend effect in …

… MICHAEL G. FERRI es profesor de Finanzas en George Mason University en Fairfax,
Virginia, y es el tenedor de la GMU Foundation Chair in Finance. Recibió su doctorado en …