We develop a bid‐ask spread estimator from daily high and low prices. Daily high (low)
prices are almost always buy (sell) trades. Hence, the high–low ratio reflects both the stock's …

Seasoned offers were underpriced by an average of 2.2 percent during the 1980s and 1990s,
with the discount increasing substantially over time. The increase appears to be related to …

We examine syndicates for 1,638 IPOs from January 1997 through June 2002. We find strong
evidence of information production by syndicate members. Offer prices are more likely to …

While limited attention has been analyzed in a variety of economic and psychological settings,
its impact on financial markets is not well understood. In this paper, we examine individual …

We study order flow and liquidity around NYSE trading halts. We find that market and limit
order submissions and cancellations increase significantly during trading halts, that a large …

We identify retail brokers that seemingly route orders to maximize order flow payments, by
selling market orders and sending limit orders to venues paying large liquidity rebates. Angel, …

… Corwin acknowledges financial support from the Terry College of Business at the University
of Georgia through a Sanford-Terry research grant. A portion of this work was completed …

We examine the impact of the Global Settlement on affiliation bias in analyst recommendations.
Using a broad measure of investment bank-firm relationships, we find a substantial …

We analyze the initial listing decisions of IPOs that qualify for New York Stock Exchange
listing. We find that IPOs are more likely to list on the exchange where their industry peers are …

For NYSE‐listed IPOs, limit order submissions and depth relative to volume are unusually
low on the first trading day. Initial buy‐side liquidity is higher for IPOs with high‐quality …