We investigate stock option exercise decisions by over 50,000 employees at seven corporations. Controlling for economic factors, psychological factors inuence exercise. Consistent with psychological models of beliefs, employees exercise in response to stock price trends—exercise is positively related to stock returns during the preceding month and negatively related to returns over longer hori...

This paper investigates the use by insiders of private information in their decision to exercise executive stock options. It is the first to categorise the exercise of an executive stock option by the proportion of stock sold at exercise. Consistent with existing research, exercises overall do not yield subsequent abnormal returns. However, we find a marked and significant difference in subsequ...

Liquidity, Return, and Order Flow Dynamics Linkages Between REITs and the Stock Market This paper explores liquidity and order flow spillovers across NYSE stocks and real estate investment trusts (REITs). Impulse response functions and Granger causality tests indicate the existence of persistent liquidity spillovers running from REITs to nonREITs. Specifically, REIT liquidity indicators are for...

This paper examines how control and ownership structure affect share repurchases in an emerging market where controlling families derive large private benefits. Whereas firms with concentrated ownership often pay cash dividends, firms with weak control rights often repurchase shares. The magnitude of repurchase increases with weak control rights, but decreases with strong foreign ownership. The...

We consider the problem of including the costs and value of the institutions that define money and support trade, within the framework of economic optimization.We comparemonetary systemsmediated by durable commodity monies, versus pure fiat monies, in order to understand the separation and eventual independence of the institutionally-created value ofmoney from the values of underlying traded go...

This study examined the relationship between money supply and stock prices, using E-view version 10. The empirical results of Augmented Dickey Fuller (ADF) unit root test at 5 percent critical levels indicates that all variables (M2 MCAP) were not stationary levels. However, became after first differencing. Hence, are same order integration I (1). A cointegration tells us there exists a long ru...