Refereed Research Articles

 

"Investor overconfidence and options trading," with Han-Sheng Chen, forthcoming, Review of Financial Economics.
 
"How does strategic alignment affect firm performance? The roles of information technology investment and environmental uncertainty," with Taha Havakhor, Rajiv Sabherwal, and Zachary Steelman, forthcoming, MIS Quarterly.
 
"Relationships between information technology and other investments: A contingent interaction model," with Taha Havakhor, Rajiv Sabherwal, and Zachary Steelman, forthcoming, Information Systems Research.
 
"Performance consequences of information technology investments: Implications of emphasizing new or current information technologies," with Taha Havakhor, Rajiv Sabherwal, and Zachary Steelman, forthcoming, Information Systems Research.
 
"Are dividends an outcome or a substitute of external corporate governance? International evidence based on product market competition," with Bobby Alexander and Stephen P. Ferris, Advances in Financial Economics 20, 2018, 57-83.
(Listed on Social Sciences Research Network’s Top Ten download lists for Country Differences in Leverage Practices, International Accounting, European Finance, and International Corporate Finance, February, March, and April, 2017)
 
"Political party affiliation of the president, majority in Congress, and sin stock returns," with Salil Sarkar and Mohammad Riaz Uddin, Financial Management 46(1), 2017, 3–31.
(Lead article; Awarded Open Access worth $3,000 by the publisher; Financial Management Editors' Best Paper Award, Spring 2017; Recognized in a special session in the FMA European Conference in Lisbon, Portugal, 2017; Selected for a virtual issue on Politics and Finance, curated by Professor Christopher Malloy, Harvard Business School, 2017; Featured in The Conversation, November 9, 2016. This article was republished in Huffington Post, Houston Chronicle, Latest Nigerian News, Quartz, Raw Story, Seattle Post Intelligencer, and SFGATE. Also featured in Fast Company, November 10, 2016, and Citywire, February 16, 2017.)
 
"The young and the restless: An international study of CEO age and acquisitions," with Stephen P. Ferris, Narayanan Jayaraman, and Teng Zhang, Journal of Business Finance and Accounting 43(9) & (10), 2016, 1385–1419.
 
"CEO overconfidence and international merger and acquisition activity," with Stephen P. Ferris and Narayanan Jayaraman, Journal of Financial and Quantitative Analysis 48 (1), 2013, 137–164.
(Featured in Washington Post, Business News Daily, Inc. Magazine, and e! Science News; Excerpted in the Harvard Law School Forum on Corporate Governance and Financial Regulation; Listed on Social Sciences Research Network's Top Ten download lists for abstracts published in the last 60 days in several topics on Corporate Governance Network, Economics Research Network, and Financial Economics Network, February and March 2012, and January 2014.)
 
"Overconfidence, corporate governance, and global CEO turnover," with Hyung-Suk Choi, Stephen P. Ferris, and Narayanan Jayaraman, Advances in Financial Economics 16, 2013, 101–136.
 
“Regulation Fair Disclosure and individual investors: Evidence from stock repurchase announcements,” with Helen Hurwitz, Salil Sarkar, and Xu Wang, Journal of Emerging Financial Markets 2 (1), 2011, 11–28.
 
“Do Internet stock message boards influence trading? Evidence from heavily discussed stocks with no fundamental news,” with Salil Sarkar and Ying Zhang, Journal of Business Finance and Accounting 38, 2011, 1209–1237.
 
“Catering effects in corporate dividend policy: The international evidence,” with Stephen P. Ferris and Narayanan Jayaraman, Journal of Banking and Finance 33, 2009, 1730–1738.
(A semifinalist for one of five best paper awards at the 2009 FMA Annual Meeting in Reno, NV. Also selected for one of the “top” sessions at the meeting.
Listed on Social Sciences Research Network’s Top Ten download list for abstracts published in the last 60 days in the topic "Country Differences in Leverage Practices", December 2010.)
 
“French and U.S. trading of cross-listed stocks around the U.S. decimalization: Volume, spreads, and depth effects,” with Bing-xuan Lin, David Michayluk, and Henry Oppenheimer, International Review of Financial Analysis 18 (5), 2009, 223–231.
(Lead article.)
 
“Concentrated shareholders as substitutes for outside analysts,” with Stephen D. Smith, Corporate Governance: An International Review 16 (6), 2008, 562–577.
(One of the six articles nominated for the Best Paper Award for 2008.
Listed on Social Sciences Research Network’s Top Ten download list for abstracts published in the last 60 days in the topic "Experimental and Empirical Studies", July 2000.)
 
“Online talk: Does it matter?” with Salil Sarkar and Ying Zhang, Managerial Finance 34 (6), 2008, 423–436.
 
“How do knowledge management announcements affect firm value? A study of firms pursuing different business strategies,” with Rajiv Sabherwal, IEEE Transactions on Engineering Management 54 (3), 2007, 409–422.
(Lead article.)
 
“Characteristics and behavior of newly listed firms: Evidence from the Asia-Pacific region,” with Stephen P. Ferris and Narayanan Jayaraman, Journal of International Financial Markets, Institutions & Money 17 (5), 2007, 420–436.
 
“The U.S. share of trading volume in cross-listings: Evidence from Canadian stocks,” Financial Review 42 (1), 2007, 23–51.
(Findings discussed in The Globe and Mail, Canada’s largest newspaper, April 22, 2016; and the Globe Advisor, April 23, 2016.)
 
“Price-end biases in financial products,” with Sajeev Varki, Albert Della Bitta, and Keith Moore, Journal of Product and Brand Management 15 (6), 2006, 394–401.
 
“Knowledge management using information technology: Determinants of short-term impact on firm value,” with Rajiv Sabherwal, Decision Sciences 36 (4), 2005, 531–567.
(Lead article in the published issue and featured article on the journal web site;
One of the five finalists for the Decision Sciences Best Paper Award for 2005.)
 
“Price discovery for cross-listed stocks,” with Cheol S. Eun, Journal of Investment Management 1 (4), 2003, 26–46.
(This is an invited submission of a practitioner version of the paper that appeared in the Journal of Finance
 
“Cross-border listings and price discovery: Evidence from U.S.-listed Canadian stocks,” with Cheol S. Eun, Journal of Finance 58 (2), 2003, 549–575.
(Findings discussed in The Globe and Mail, Canada’s largest newspaper, April 22, 2016; the Globe Advisor, April 23, 2016; and the National Post, a Canadian national daily, March 27, 2003.)
 
“The competitive effects of U.S. decimalization: Evidence from the U.S.-listed Canadian stocks,” with Henry Oppenheimer, Journal of Banking and Finance 27, 2003, 1883–1910.
 
“Forecasting exchange rates: Do banks know better?” with Cheol S. Eun, Global Finance Journal 13, 2002, 195–215. 
(During 2003, this was the eighth most requested article out of all articles that had appeared in the journal.)
 
“Informed trading around merger announcements: An empirical test using transaction volume and open interest in options market,” with Melissa B. Frye and Narayanan Jayaraman, Financial Review 38 (2), 2001, 45–74.
 
“Do country specific bankruptcy codes determine long-term financial performance? The case of Metallgesellschaft AG and Columbia Gas System,” with Narayanan Jayaraman and Milind Shrikhande, Journal of International Financial Management and Accounting 12 (2), 2001, 188–224.


“Predictability and integration of emerging equity markets with the United States: Evidence from closed-end country funds,” International Journal of Finance 12 (4), 2000, 1913–1931.

 

Non-Refereed Research Article

“U.S. decimalization and cross-listed Canadian Stocks,” with Henry Oppenheimer, Canadian Investment Review, 2003 (Fall), 39–55. This is an invited submission of a practitioner version of the paper that appeared in the Journal of Banking and Finance.

 

Working Papers

Papers with a Revise & Resubmit

"Q-theory: The international evidence," with Darren Hayunga, Larry Lockwood, and Wikrom Prombutr, revise & resubmit at the Quarterly Journal of Finance and Accounting.
 
"Does stardom affect the informativeness of a CEO's trades? Evidence from insider trades by star and non-star CEOs of S&P 1500 firms," with Mohammad Riaz Uddin, under review (2nd round) at the Journal of Business Finance and Accounting.
 

 

Other Working Papers

"Household sentiment index and real estate returns," with Ramya R. Aroul and Sergiy Saydometov.
 
"Which insider to follow? A comparison of CIO and CEO trading behavior before changes in IT expenditures," with Taha Havakhor, Rajiv Sabherwal, and Zachary Steelman.
 
"Local household sentiment index and its effect on national and local housing markets," with Ramya R. Aroul and Sergiy Saydometov.
 
"The impacts of investing in big data ventures," with Taha Havakhor and Rajiv Sabherwal.
 
"The effects of option trading behavior on option prices," with Han-Sheng Chen.
 
"Clustering and rigidity in dividend policy," with Bobby Alexander.

 

Research Papers at Conferences

“The effects of option trading behavior on option prices,” with Han-Sheng Chen, 2018 Taiwan Economic Association Conference, Taipei, Taiwan.
 
“Sentiment and housing returns,” with Ramya Aroul and Sergiy Saydometov, 2018 FMA Conference, San Diego.
 
“Does stardom affect the informativeness of a CEO's trades? Evidence from insider trades by star and non-star CEOs of S&P 1500 firms,” with Mohammad Riaz Uddin, 2017 FMA Conference, Boston.
 
“Political party affiliation of the president, majority in Congress, and sin stock returns,” with Salil Sarkar and Mohammad Riaz Uddin, 2017 FMA European Conference, Lisbon, Portugal.
 
“The young and the restless: An international study of CEO age and acquisition propensity,” with Stephen P. Ferris, Narayanan Jayaraman, and Teng Zhang,
    ·          2016 Midwest Finance Association Conference, Atlanta
    ·          2015 FMA Conference, Orlando
    ·          2015 FMA European Conference, Venice, Italy
    ·          2014 India Finance Conference, Indian Institute of Management, Bangalore, India.

 
“The effects of option trading behavior on option prices," with Han-Sheng Chen,
    ·          2014 Eastern Finance Association Conference, Pittsburgh
    ·          2014 FMA Conference, Nashville.

 
“Investor overconfidence and option trading," with Han-Sheng Chen,
    ·          2013 Eastern Finance Association Conference, St. Pete Beach
    ·          2013 Midwest Finance Association Conference, Chicago.

 
“The Presidential puzzle in sin stocks,” with Salil Sarkar and Mohammad Riaz Uddin, 2012 FMA Conference, Atlanta.
 
“Regulation Fair Disclosure and Individual Investors: Evidence from Stock Repurchase Announcements,” with Helen Hurwitz, Salil Sarkar, and Xu Wang, 2012 Southwestern Finance Association Conference, New Orleans.
 
“Q-theory: The international evidence,” with Darren Hayunga, Wikrom Prombutr, and Larry Lockwood, 2011 FMA Conference, Denver.
 
“CEO overconfidence and international merger and acquisition activity,” with Stephen P. Ferris and Narayanan Jayaraman,
    ·          2011 India Finance Conference, Bangalore, India
    ·          2010 FMA Conference, New York
    ·          2010 FMA European Conference, Hamburg, Germany.

 
“Overconfidence, corporate governance, and global CEO turnover,” with Hyung-Suk Choi, Stephen P. Ferris, and Narayanan Jayaraman,
    ·          2011 FMA European Conference, Porto, Portugal
    ·          2011 FMA Conference, Denver
    ·          2011 India Finance Conference, Bangalore, India.

 
“International differences in dividend policy: Catering, legal, and cultural effects,” with Stephen P. Ferris and Narayanan Jayaraman,
    ·          2009 FMA Annual Conference, Reno
    ·          2008 FMA European Conference, Prague, Czech Republic.

 
“French and U.S. trading of cross-listed stocks around the period of U.S. decimalization: Volume, spreads, depths and market share effects,” with Bing-xuan Lin, David Michayluk, and Henry Oppenheimer,
    ·          2007 Eastern Finance Association Annual Conference, New Orleans
    ·          2006 Paris Finance International Conference, Paris
    ·          2005 Southern Finance Association Annual Conference, Key West.

 
“Characteristics and behavior of newly listed firms: Evidence from the Asia Pacific region,” with Stephen P. Ferris and Narayanan Jayaraman, 2005 FMA Annual Conference, Chicago.
 
“Knowledge management and firm value: A contingency model,” with Rajiv Sabherwal, 2003 Symposium on Knowledge Management, University of Minnesota, Minneapolis.
 
“The impact of U.S. decimalization on the Canadian stocks cross-listed in the U.S.,” with Henry Oppenheimer, 2002 Conference on the Future of Stock Exchanges in a Globalizing World, University of Toronto, Canada.
 
“Cross-border listings and price discovery: Evidence from U.S.-listed Canadian stocks,” with Cheol S. Eun,
    ·          2001 International Finance Conference, Atlanta
    ·          2001 FMA European Conference, Paris
    ·          2001 FMA Annual Conference, Toronto.

 
“Concentrated shareholdings and the number of outside analysts,” with Stephen D. Smith, 1999 FMA European Conference, Spain.
 
“Informed trading around merger announcements: An empirical test using options markets,” with Melissa B. Frye and Narayanan Jayaraman,  
    ·          1999 Southern Finance Association Annual Conference, Key West
    ·          1999 FMA Annual Conference, Orlando.

 
“Do country specific bankruptcy codes determine long-term financial performance?” with Narayanan Jayaraman and Milind Shrikhande, 1999 FMA Annual Conference, Orlando.

“Forecasting exchange rates: Do banks know better?” with Cheol S. Eun, 1999 PACAP/FMA Finance Conference, Singapore.

 

Research Seminars

“Investor overconfidence and option trading,” with Han-Sheng Chen, presented at the University of Vermont.
 
“The determinants of U.S. share of trading volume in cross-listed stocks and post-decimalization changes in the U.S. share,” presented at Drexel University, Oklahoma State University, and the University of Texas at Arlington.
 
“The impact of U.S. decimalization on the Canadian stocks cross-listed in the U.S.,” with Henry Oppenheimer, presented at Iowa State University and the University of Central Florida.
 
“Cross-border listings and price discovery: Evidence from U.S.-listed Canadian stocks,” with Cheol S. Eun, presented at Kansas State University, Mercer University, the University of Rhode Island, and the University of Arkansas.
 
On the Purchase versus Production of Information: Concentrated Institutional Shareholders as Substitutes for Outside Analysts,” with Stephen D. Smith, presented at the Atlanta Finance Forum, Georgia State University.