We document a rapid increase in retail trading in options in the United States. Facilitated by
payment for order flow (PFOF) from wholesalers executing retail orders, retail trading …

Research in experimental psychology suggests that, in violation of Bayes' rule, most people
tend to “overreact” to unexpected and dramatic news events. This study of market efficiency …

The effects of noise on the world, and on our views of the world, are profound. Noise in the
sense of a large number of small events is often a causal factor much more powerful than a …

This paper attempts to investigate the effects of Coronavirus spread on stock markets.
Coronavirus spread has been measured by cumulative cases, new cases, cumulative …

This study presents evidence which indicates that stock prices, on average, react positively
to stock dividend and stock split announcements that are uncontaminated by other …

This paper examines the effects of the mechanism by which securities are traded on their
price behavior. We compare the behavior of open‐to‐open and close‐to‐close returns on …

We develop a model in which the dependence of the brokerage commission rate on share
price provides an incentive for brokers to produce research reports on firms with low share …

This study investigates empirically why firms split their stock or distribute stock dividends and
why the market reacts favorably to these distributions. The findings suggest that stock splits …

This article is an exploratory examination of the benefits and risks associated with opening
of stock markets. Specifically, we estimate changes in the level and volatility of stock returns …

Abstract Campbell, Lettau, Malkiel, and Xu (2001) document a positive trend in idiosyncratic
volatility during the 1962–1997 period. We show that by 2003 volatility falls back to pre …