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Journal Article

The Role of Financial Economics in Securities Fraud Cases

Modern financial economics is becoming increasingly influential in securities fraud law.

Journal Article

Triggering the 1987 Stock Market Crash

On Wednesday, October 14, 1987, the U.S. stock market began the most extreme one-week decline in its history, culminating in the crash on Monday, October 19, when the Dow Jones Industrial Average fell 508 points (22.6%).

Journal Article

Characteristics of Risk and Return in Risk Arbitrage

After the announcement of a merger or acquisition, the target company’s stock typically trades at a discount to the price offered by the acquiring company.

Journal Article

New Evidence and Perspectives on Mergers

Empirical research has revealed a great deal about mergers and acquisitions trends and characteristics over the last century.

Journal Article

Lessons From Financial Economics

There is disagreement among financial economists about the meaning of efficiency, how to test for it and what the results of these tests mean.

Journal Article

Limited Arbitrage in Equity Markets

This paper examines impediments to arbitrage in equity markets using a sample of 82 situations between 1985 and 2000.

Journal Article

Restrictions on Short Selling

In this paper we review the theoretical and empirical evidence on both short sales and restrictions on short sales, concentrating on the uptick rule.

Journal Article

The Stock Price Response to Pension Terminations and the Relation of Terminations With Corporate Takeovers

This article offers observation on the stock price response to pension terminations and the relation of terminations with corporate takeovers in the U.S.

Journal Article

The Value of Corporate Takeovers

This article summarizes the results of three studies of the value of corporate takeovers.