Previous studies on the effects of auditor compensation on disclosure quality have focused
on accounting measures, such as earnings management, discretionary accruals, and …

This paper examines price clustering on the Tokyo Stock Exchange (TSE). Regardless of
tick and lot size, prices ending in zero and five are the most popular. The TSE has no market …

Models of capital market imperfections predict that information asymmetry decreases firm
investment and increases the sensitivity of investment expenditures to fluctuations in internal …

The main purpose of this paper is to argue the extent that earnings management lowers
disclosure quality. It should increase information asymmetry and impair trading liquidity. Using a …

(ESG) metrics in investing has increased significantly in recent years. Indexing and passive
investment strategies, the main trends in investing, are not leaving much space to active …

The stealth trading hypothesis asserts that informed traders trade strategically by breaking
up their orders so as to more easily hide among the liquidity traders. Using data for the Tokyo …

We test whether an increase either in informed trades or in large liquidity trades leads to
greater correlation of trading volume across markets. We confirm that both trading volume and …

In setting a minimum tick size, exchanges balance the competing objectives of lowering
transaction costs and encouraging liquidity provision by minimizing stepping-ahead risk. We …

Purpose The purpose of this paper is to trace the evolution of the Archway Investment Fund (AIF)
at Bryant University from its founding in 2005 as a portfolio focused exclusively on US …

This paper describes an equity trading simulation case designed to demonstrate fundamental
microstructure concepts such as the price discovery process, the difference between quote…