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We document the effects of institutional investors on the qualitative information disclosure of firms during earnings conference calls. Using conference call and institut[...]

We show that simple technical trading rule (TTR) strategies substantially reduce investment left tail risk. An investor following a TTR strategy can also avoid a high per[...]

We show how Canadian interest rates, the CAD/USD spot exchange rate, and stock market returns react to both U.S. and domestic macro announcements using almost two decades[...]

We develop a new methodology to estimate the impact of a financial transaction tax (FTT) on financial market outcomes. In our sequential trading model, there are price-el[...]

Using data on Canadian bond futures, we examine how high-frequency traders (HFTs) interact with institutions building large positions. In contrast to recent findings, we [...]

We model how securities dealers respond to regulations on leverage, position, and liquidity such as those imposed by the Basel III framework. The dealers respond by endog[...]

We develop a simulation-based procedure to test for stock return predictability with multiple regressors. The process governing the regressors is left completely free and[...]

We quantify the reaction of U.S. equity, bond futures, and exchange rate returns to oil price shocks driven by oil inventory news. Across most sectors, equity prices decr[...]

Using monthly data on temporary trade barriers (TTBs), we estimate the dynamic employment effects of protectionism through vertical production linkages. First, exploiting[...]

Existing studies show that U.S. Treasury bond price changes are mainly driven by public information shocks, as manifested in macroeconomic news announcements and events. [...]