We study a dynamic voluntary disclosure setting where the manager’s information and firm’s value evolve over time. The manager is not limited in her opportunities, but costly. results show that discloses even if this leads to price decrease current period. absorbs drop order increase option of withholding future. That is, by disclosing today, can improve continuation value. provide number novel...

Since Newton (1642-1727) continuous time modeling by means of differential equations is the standard approach of dynamic phenomena in natural science. It is argued that most processes in behavioral science also unfold in continuous time and should be analyzed accordingly. After dealing with the essentials of stochastic differential equation modeling of panel data by means of structural equation...

This paper generalizes the model of Becker, Grossman, and Murphy (1994) to the multivariate case. The multivariate model generates Frisch demand functions where current consumption is related to prices of all goods, and lagged and future consumption of all goods. The theoretical restrictions are that current price effects (holding lagged and future consumption constant) are negative definite, a...

In line with self-determination theory and Fredrickson's (2001) broaden-and-build theory of positive emotions, this study adopts a positive perspective on students' school experiences and their general psychological functioning. The reciprocal effects of positive school experiences and happiness, a dimension of affective well-being, are examined over the course of an academic year. Data were co...

Using “A” shares accessible only to local investors (who account for 99% of stock investors in China), this paper tests if short-horizon contrarian and intermediate-horizon investment strategies generate abnormal profits. We find statistically significant abnormal profits for both the arbitrage portfolio-investment strategies. Detailed analysis indicates that: (1) an absolute dominance of non-i...

Most studies of managed fund performance use measures that are susceptible to bias caused by common time variation in risks and risk premia. Ferson and Schadt (1996) propose a conditional performance measure that controls for the common variation. Their results suggest that incorporating lagged public information variables that have been shown to predict stock returns, such as interest rates an...