While similar in their trading and organization, closed-end funds (CEFs) and exchange-traded
funds (ETFs) differ in their liquidity and ease of arbitrage. We compare their price …

Closed‐end funds often trade at a discount to net asset value. Previous research suggests
that the positive correlation in discounts is associated with investor sentiment that causes …

… J. Christopher Hughen, CFA is an assistant professor in the finance department at Bowling
Green State University. His research interests include international financial investments and …

Purpose – In the increasingly globalized economy, foreign exchange fluctuations have
multiple, conflicting effects on domestic stock prices. The purpose of this paper is to examine …

We study the price discovery in price disagreement between the China ETF 50 index and
option markets. The price disagreement is measured by upper and lower option boundary …

Purpose Student-managed investment funds typically pursue “plain vanilla” objectives. The
purpose of this paper is to demonstrate the value of adding option strategies to reduce the …

We examine commonality in order imbalances across different types of securities and find
that the extent of commonality is greater than previously documented. Order imbalances in …

This article quantifies the effect of taxes on the magnitude and variability of cash flows from
taxable retirement portfolios. While previous research focuses on pretax cash flows, this …

The authors applied out-of-sample sector forecasts with firm fundamentals ratios to form real-time
portfolio allocation strategies. Results documented the importance of profitability …

We investigate the impact of Regulation FD on information flow in the equities market. Our
analysis indicates that information flow around earnings announcements, proxied by …