Andrew Ellul

We investigate the determinants of firms’ implicit employment and wage insurance to employees against industry-level and idiosyncratic shocks. We rely...

One of the most contentious issues raised during the recent crisis has been the potentially exacerbating role played by mark-to-market accounting...

This paper shows that during episodes of market turmoil 13F institutional investors with short trading horizons sell their stockholdings to a larger...

In choosing transparency, firms must trade off the benefits from better access to finance against the cost of a greater tax burden. We study this...

This paper explores the trading incentives of financial institutions induced by the interaction between regulatory accounting rules and capital...

In this paper, we investigate whether U.S. bank holding companies (BHCs) with strong and independent risk management functions had lower aggregate...

Theory suggests that reputations, developed in repeated face-to-face interactions, allow non- anonymous, floor-based trading venues to attenuate...

Various markets, particularly NASDAQ, have been under pressure from regulators and market participants to introduce call auctions for their opening...