This paper decomposes daily close to close returns into trading day and non‐trading day
returns. We discover that all of the average negative returns from Friday close to Monday close …

FOR MANY YEARS, the economic impact of changes in the money supply has been debated
in academia. Research by Brunner [3], Friedman and Schwartz [8], Tobin [28] and others …

THE purpose of this paper is to empirically examine whether security prices and volume are
causally related. Existing models that attempt to analyze the interdependence of price and …

This paper examines the ability of the risk-shifting hypothesis and the backdoor-equity hypothesis
to explain firms' decisions to issue convertible debt. Using a security choice model that …

CONVENTIONAL THEORY ASSUMES THAT the same return process operates over all trading
and non-trading periods. There are reasons to assume that the return sequence when an …

The tendency of small-capitalization firms to have higher risk-adjusted stock returns than
large-capitalization firms has been well documented in recent studies. Furthermore, these …

This article examines the interaction between underwriter reputation and market activities
during the initial public offering (IPO) process. Underwriter reputation is a significant …

Firms that issue convertible debt have high debt- and equity-related costs of external finance.
Existing theories of convertible debt finance differ primarily in their identification of the …

Many firms issue hybrid securities, such as convertible debt, instead of standard securities
like straight debt or common equity. Theoretical arguments suggest that convertible debt …

This paper proposes and implements a security design framework to assess why corporate
managers issue convertible debt. We examine three theories that make predictions about the …