@article {1969191,
	title = {The Effect on Stockholder Wealth of Product Recalls and Government Action:  The Case of Toyota{\textquoteright}s Accelerator Pedal Recall},
	journal = {Quarterly Review of Economics and Finance},
	volume = {54},
	year = {2014},
	month = {2014},
	pages = {521-528},
	abstract = {We analyze the effect of Toyota{\textquoteright}s faulty accelerator pedal on stockholder wealth. Using the event study methodology, we show that a major recall in January of 2010 caused the company{\textquoteright}s cumulative abnormal returns to fall by 19 percent. Continued concerns that Toyota was unable to identify and adequately fix the problem induced the National Highway Traffic Safety Administration to conduct its own investigation in March, 2010. The results of this government investigation exonerated the company and caused Toyota{\textquoteright}s cumulative abnormal returns to rise by almost 9 percent. The Toyota case provides an opportunity to study a product recall with both company error and a government action that addressed concerns about the safety of the product.},
	keywords = {Finance},
	author = {Gokhale,Jayendra and Brooks,Raymond and Tremblay,Victor J}
}
@article {1969186,
	title = {What makes when-issued trading attractive to financial markets?},
	journal = {Financial Markets, Institutions and Instruments},
	volume = {23},
	year = {2014},
	month = {2014},
	pages = {245-271},
	abstract = {When-issued trading is the trading of securities prior to the actual issue of the security. When-issued trading is active around the world and in a variety of equity and bond markets. In this survey, we provide a general description of when-issued trading, analyze benefits and costs in various financial markets, present existing theoretical models and predictions, and synthesize empirical findings. We find that when-issued trading promotes price discovery, mitigates information asymmetry, provides convenience for trading ahead of the actual issue of the security, and in some markets reduces volatility. In addition, we offer policy implications and suggest directions for further research in this area.},
	keywords = {Finance},
	author = {Brooks,Raymond and Kim,Yong H and Yang,Jimmy}
}
@article {1969196,
	title = {When-issued trading in the Indian IPO market},
	journal = {Journal of Financial Markets},
	volume = {19},
	year = {2014},
	month = {2014},
	pages = {170-196},
	keywords = {Finance},
	author = {Brooks,Raymond and Mathew,Prem and Yang,Jimmy}
}
@article {1969201,
	title = {Emerging from bankruptcy with when-issued trading},
	journal = {Financial Review},
	volume = {47},
	year = {2012},
	month = {2012},
	pages = {445-467},
	abstract = {We examine the set of firms that emerged from Chapter 11 bankruptcy and traded on a when-issued basis prior to their official return to the regular way in NASDAQ, Amex, or NYSE. We find that this when-issued market is liquid and price efficient. The when-issued closing price is a good indicator of the first closing price in the regular way market. Emerging firms that have when-issued trading experience lower regular way volatility and smaller relative spreads than those without when-issued trading. Our probit regressions show that firm size is an important determinant of the adoption of when-issued trading.},
	keywords = {Finance},
	author = {Brooks,Raymond and Yang,Jimmy}
}
@article {1976571,
	title = {Emerging from Bankruptcy with When-Issued Trading},
	year = {2008},
	month = {2008},
	address = {Dallas},
	keywords = {Finance},
	author = {Brooks,Raymond and Yang,Jimmy}
}
@article {1969206,
	title = {Teaching an Old Dog New Tricks: Using the Dividend Growth Model in Financial Planning},
	journal = {Journal of Economics and Finance Education},
	volume = {6},
	year = {2007},
	month = {2007},
	pages = {65-73},
	abstract = {The Dividend Growth Model is a standard pedagogical tool in pricing stocks where the dividend grows at a constant rate. However, few dividend policies conform to this restrictive pattern and therefore the model is often quickly discarded in finance classes. The constant growth assumption of a cash flow stream fits well with other financial problems such as saving for a college education or contributions to a pension plan. This paper presents a couple of applications for the Dividend Growth Model plus an extension to the model and belies the adage: you can{\textquoteright}t teach an old dog new tricks.},
	keywords = {Finance},
	author = {Brooks,Raymond and Yang,Jimmy}
}
@article {1969216,
	title = {The Interaction between Opening Call Auctions and Ongoing Trade: Evidence from the NYSE},
	journal = {Review of Financial Economics},
	volume = {13},
	year = {2004},
	month = {2004},
	pages = {341-356},
	abstract = {We investigate the impact that the opening batch has on trading for the remainder of the day and what impact the prior day{\textquoteright}s trading has on the subsequent day{\textquoteright}s open. Traders have an interest in these trading impacts as their trades may cluster around opening and closing time periods. We find that the larger the volume in the opening batches, the greater the volume across the day. We also find the prior day{\textquoteright}s volume being positively related to the subsequent day{\textquoteright}s opening volume. Combined, these results suggest a continuing pattern of trade volume rolling from one day to the next. Additionally, we find that the spread in the continuous market can be partially attributed to the price change in the opening batch. We also find evidence of opening trade price reversals. Combined with the absence of price reversals following the opening trade, we conclude that the opening process may be more efficient at handling information than the continuous market.},
	keywords = {Finance},
	author = {Brooks,Raymond and Moulton,Jonathan}
}
@article {1969211,
	title = {When-Issued Shares, Small Trades and the Variance of Returns around Stock Splits},
	journal = {Journal of Financial Research},
	volume = {27},
	year = {2004},
	month = {2004},
	pages = {415-433},
	abstract = {The increases in volatility after stock splits have long puzzled researchers. The usual suspects of discreteness and bid-ask spread do not provide a complete explanation. We provide new clues to solve this mystery by examining the trading of when-issued shares that are available before the split. When-issued trading permits noise traders to compete with a more homogenous set of traders, decreasing the volatility of the stock before the split. Following the split, these noise traders reunite in one market and volatility increases. Thus, the higher volatility after the ex date of a stock split is a function of the introduction of when-issued trading, the new lower price level after the split date, and the increased activity of small-volume traders around a stock split.},
	keywords = {Finance},
	author = {Angel,James and Brooks,Raymond and Mathew,Prem}
}
@article {1969221,
	title = {How the Equity Market Responds to Unanticipated Events},
	journal = {Journal of Business},
	volume = {76},
	year = {2003},
	month = {2003},
	pages = {109-133},
	abstract = {We examine the market reaction of prices, volume, spreads, and trading location when firms experience events that are totally unanticipated by the equity market in terms of both timing and content. We find that the response time is longer than previous studies have reported. Selling pressure, wider spreads, and higher volume remain significant for over an hour. We also find an immediate price reaction for overnight events; however, the market takes longer to react to events that occur when it is open. These findings may shed light on the efficacy of trading halts.},
	keywords = {Finance},
	author = {Brooks,Raymond and Patel,Ajay and Su,Tie}
}
@article {1976576,
	title = {Teaching an Old Dog New Tricks: Using the Dividend Growth Model in Financial Planning Problems},
	year = {2003},
	month = {2003},
	address = {St. Louis},
	keywords = {Finance},
	author = {Brooks,Raymond}
}
@article {1969231,
	title = {The Performance of Firms Before and After They Adopt Accounting-Based Performance Plans},
	journal = {Quarterly Review of Economics and Finance},
	volume = {41},
	year = {2001},
	month = {2001},
	pages = {205-222},
	abstract = {This paper examines the long-run performance of firms before and after they adopt accounting-based performance plans. We test if the change in compensation policy is a response to a prior performance problem or is a signal to the market that firm performance will improve over current performance levels. Our findings are consistent with the signaling hypothesis. Stock prices increase at the announcement of the adoption of a performance plan apparently signaling previously private information regarding improved future performance. A related benefit of adoption may well be a better incentive-alignment contract for managers and shareholders but the strongest evidence points to a credible disclosure of future performance.},
	keywords = {Finance},
	author = {Brooks,Raymond and May,Don O. and Mishra,Chandra}
}
@article {1969226,
	title = {Information Conveyed by Seasoned Security Offerings: Evidence from Components of the Bid-Ask Spread},
	journal = {Review of Financial Economics},
	volume = {9},
	year = {2000},
	month = {2000},
	pages = {83-99},
	abstract = {We examine the relationship between the degree of informational asymmetry surrounding a firm and the equity market{\textquoteright}s reaction to a firm{\textquoteright}s announcement to sell seasoned securities. We use the adverse-selection component of the bid{\textquotedblright}ask spread as a proxy for the informational asymmetry of a firm. For equity offers, we find that the greater the change in information asymmetry at announcement, the greater the decline in wealth. In addition, the largest decline in wealth for seasoned equity announcements is observed for firms with the largest level of pre-event adverse-selection components. For debt offers, the wealth decline is only significant for firms with the largest pre-event levels of asymmetric information.},
	keywords = {Finance},
	author = {Brooks,Raymond and Patel,Ajay}
}
@article {1976581,
	title = {The Interaction between Opening Call Auctions and Ongoing Trade: Evidence from the NYSE and AMEX},
	year = {2000},
	month = {2000},
	address = {Myrtle Beach},
	keywords = {Finance},
	author = {Brooks,Raymond and Moulton,Jonathan}
}
@article {1969236,
	title = {A Statistical Assessment of Accounting-Based Performance Plans},
	journal = {World at Work Journal},
	volume = {9},
	year = {2000},
	month = {2000},
	pages = {68-73},
	keywords = {Finance},
	author = {Brooks,Raymond and Mishra,Chandra}
}
@article {1976591,
	title = {The Interaction between Opening Call Auctions and Ongoing Trade: Evidence from the NYSE and AMEX},
	year = {1999},
	month = {1999},
	address = {Orlando, FL},
	keywords = {Finance},
	author = {Brooks,Raymond and Moulton,Jonathan}
}
@article {1969241,
	title = {Large Price Movements and Short-Lived Changes in Spreads, Volume, and Selling Pressure},
	journal = {Quarterly Review of Economics and Finance},
	volume = {39},
	year = {1999},
	month = {1999},
	pages = {303-316},
	abstract = {In this paper we examine changes in dollar and relative bid-ask spreads of stocks following large price movements. We investigate large increases and decreases separately and link our results to current market microstructure theories on trading activities and spreads. We also look at changes in volume and selling pressure to interpret the changes in trading activity. Our results show that the market reacts differently to price increases and decreases. For large price decreases, trading increases on the sell side even when spreads have increased. For large price increases, trading increases on the buy side during a period of higher spreads. However, the increases in dollar spreads and price pressure are most pronounced at the end of trading day. Our results are consistent with microstructure models that link trading activities and costs to the level of asymmetric information.},
	keywords = {Finance},
	author = {Brooks,Raymond and Park ,Jinwoo and Su,Tie}
}
@article {1976586,
	title = {When-Issued Shares, Small Traders and the Variance of Returns around Stock Splits},
	year = {1999},
	month = {1999},
	address = {New York, NY},
	keywords = {Finance},
	author = {Brooks,Raymond and Angel,James J. and Mathew,Prem}
}
@article {1969251,
	title = {CEO Presentations to Financial Analysts: Much Ado About Nothing?},
	journal = {Financial Practice and Education},
	volume = {7},
	year = {1997},
	month = {1997},
	pages = {19-28},
	keywords = {Finance},
	author = {Brooks,Raymond and Johnson,Marilyn F}
}
@article {1969256,
	title = {The Individual Investor and the Weekend Effect: A Reexamination with Intraday Data},
	journal = {Quarterly Review of Economics and Finance},
	volume = {37},
	year = {1997},
	month = {1997},
	pages = {725-737},
	keywords = {Finance},
	author = {Brooks,Raymond and Kim,Hongshik}
}
@article {1969246,
	title = {A Simple Cost Reduction Strategy for Liquidity Traders: Trade at the Opening},
	journal = {Journal of Financial and Quantitative Analysis},
	volume = {32},
	year = {1997},
	month = {1997},
	pages = {525-540},
	keywords = {Finance},
	author = {Brooks,Raymond and Su,Tie}
}
@article {1969266,
	title = {Changes in Asymmetric Information at Earnings and Dividend Announcements},
	journal = {Journal of Business Finance and Accounting},
	volume = {23},
	year = {1996},
	month = {1996},
	pages = {359-378},
	keywords = {Finance},
	author = {Brooks,Raymond}
}
@article {1969261,
	title = {Performance of Stoll{\textquoteright}s Spread Component Estimator: Evidence from Simultaions, Time-Series, and Cross-Sectional Data},
	journal = {Journal of Financial Research},
	volume = {29},
	year = {1996},
	month = {1996},
	pages = {459-476},
	keywords = {Finance},
	author = {Brooks,Raymond and Masson,Jean}
}
@article {1969271,
	title = {A Bias in Closing Prices: The Case of the When Issued Anomaly},
	journal = {Journal of Financial and Quantitative Analysis},
	volume = {30},
	year = {1995},
	month = {1995},
	pages = {441-454},
	keywords = {Finance},
	author = {Brooks,Raymond and Chiou,Shur-Nuann}
}
@article {1969281,
	title = {Bid-Ask Spread Components Around Anticipated Announcements},
	journal = {Journal of Financial Research},
	volume = {27},
	year = {1994},
	month = {1994},
	pages = {375-386},
	keywords = {Finance},
	author = {Brooks,Raymond}
}
@article {1969276,
	title = {Dividen Predicting Using Put-Call Parity},
	journal = {International Review of Economics and Finance},
	volume = {3},
	year = {1994},
	month = {1994},
	pages = {373-392},
	keywords = {Finance},
	author = {Brooks,Raymond}
}
