@article{krishnamurthy_warr_2021, title={A message from the outgoing editors of The Financial Review}, volume={56}, ISSN={["1540-6288"]}, DOI={10.1111/fire.12265}, abstractNote={Financial ReviewVolume 56, Issue 2 p. 203-203 EDITORIAL A message from the outgoing editors of The Financial Review Srini Krishnamurthy, Associate Professor of FinanceSearch for more papers by this authorRichard S. Warr, Professor of Finance, Poole College of Management, NC State University, Raleigh, NC, USASearch for more papers by this author Srini Krishnamurthy, Associate Professor of FinanceSearch for more papers by this authorRichard S. Warr, Professor of Finance, Poole College of Management, NC State University, Raleigh, NC, USASearch for more papers by this author First published: 07 April 2021 https://doi.org/10.1111/fire.12265Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinked InRedditWechat No abstract is available for this article. Volume56, Issue2May 2021Pages 203-203 RelatedInformation}, number={2}, journal={FINANCIAL REVIEW}, author={Krishnamurthy, Srini and Warr, Richard S.}, year={2021}, month={May}, pages={203–203} }
 @article{pagach_warr_2020, title={Analysts versus time-series forecasts of quarterly earnings: A maintained hypothesis revisited}, volume={51}, ISSN={["1046-5715"]}, DOI={10.1016/j.adiac.2020.100497}, abstractNote={We re-examine the maintained hypothesis of analysts' quarterly earnings per share (EPS) superiority versus ARIMA time-series forecasts. While our empirical results are consistent with overall analysts' dominance, they suggest a more contextual interpretation of this important relationship. Specifically, we find that for a relatively large number of cases (approximately 40%) ARIMA time-series forecasts of quarterly EPS are equal to or more accurate than consensus analysts' forecasts. Moreover, the percentage of time-series superiority increases: (1) for longer forecast horizons, (2) as firm size decreases, and (3) for high-technology firms. Due to the data demands that ARIMA forecasting requires we also examine using a seasonal random walk (SRW) model that requires only one year of data to create quarterly forecasts. Although the ARIMA time-series model results in a significant reduction in sample size it dominates the SRW model. Our findings support the analyst dominance over time series models but suggest that ARIMA time-series models may provide useful input to researchers seeking quarterly EPS expectation models for certain types of firms.}, journal={ADVANCES IN ACCOUNTING}, author={Pagach, Donald P. and Warr, Richard S.}, year={2020}, month={Dec} }
 @article{mayer_warr_zhao_2018, title={Do Pro-Diversity Policies Improve Corporate Innovation?}, volume={47}, ISSN={["1755-053X"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-85041096263&partnerID=MN8TOARS}, DOI={10.1111/fima.12205}, abstractNote={Abstract}, number={3}, journal={FINANCIAL MANAGEMENT}, author={Mayer, Roger C. and Warr, Richard S. and Zhao, Jing}, year={2018}, pages={617–650} }
 @article{krishnamurthy_pelletier_warr_2018, title={Inflation and equity mutual fund flows}, volume={37}, ISSN={["1878-576X"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-85038835804&partnerID=MN8TOARS}, DOI={10.1016/j.finmar.2017.12.001}, abstractNote={We document a negative relation between inflation and aggregate equity mutual fund flows and hypothesize that this relation is partly due to inflation illusion on the part of investors. Inflation illusion occurs when investors fail to incorporate the effect of inflation into their estimates of nominal growth rates. Consequently, they lower their estimates of the intrinsic values of stocks and move their assets away from equities. Our results are robust to controls for alternative explanations such as inflation proxying for poorer future real cash flow growth and periods of higher inflation being associated with higher equity risk premia.}, journal={JOURNAL OF FINANCIAL MARKETS}, author={Krishnamurthy, Srinivasan and Pelletier, Denis and Warr, Richard S.}, year={2018}, month={Jan}, pages={52–69} }
 @article{krishnamurthy_warr_2018, title={Report of the Editors of The Financial Review for 2017}, volume={53}, ISSN={["1540-6288"]}, DOI={10.1111/fire.12179}, abstractNote={The Financial Review is now indexed in the Web of Science as part of the Emerging Sources Citation Index. They are tracking citations of papers published in 2015 and onward. The visibility of the journal has been steadily increasing since 2012. Importantly, journal papers have been downloaded by researchers all over the world, with the United States, the United Kingdom, Europe, China, and Australia each having a sizeable presence. Paper downloads from Wiley’s website}, number={3}, journal={FINANCIAL REVIEW}, author={Krishnamurthy, Srinivasan and Warr, Richard S.}, year={2018}, month={Aug}, pages={657–664} }
 @article{devos_elliott_warr_2018, title={The Propensity to Split and CEO Compensation}, volume={47}, ISSN={["1755-053X"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-85020541570&partnerID=MN8TOARS}, DOI={10.1111/fima.12179}, abstractNote={Abstract}, number={1}, journal={FINANCIAL MANAGEMENT}, author={Devos, Erik and Elliott, William B. and Warr, Richard S.}, year={2018}, pages={105–129} }
 @article{devos_elliott_warr_2015, title={CEO opportunism?: Option grants and stock trades around stock splits}, volume={60}, ISSN={["1879-1980"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-84925946144&partnerID=MN8TOARS}, DOI={10.1016/j.jacceco.2015.02.004}, abstractNote={Decades of research confirm that, on average, stock split announcements generate positive abnormal returns. In our sample, 80% of CEO stock option grants are timed to occur on or before the split announcement date. With the average market-adjusted announcement return of 3.1%, awarding the grant before the split announcement results in an average gain per CEO-grant of $451,748. We find additional evidence consistent with timing of CEO stock trading around the split announcement. In the case of CEO stock sales, about two-thirds occur after the split announcement, resulting in an average gain of $345,613.}, number={1}, journal={JOURNAL OF ACCOUNTING & ECONOMICS}, author={Devos, Erik and Elliott, William B. and Warr, Richard S.}, year={2015}, month={Aug}, pages={18–35} }
 @article{bonaime_oeztekin_warr_2014, title={Capital structure, equity mispricing, and stock repurchases}, volume={26}, ISSN={["1872-6313"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-84898815827&partnerID=MN8TOARS}, DOI={10.1016/j.jcorpfin.2014.03.007}, abstractNote={We evaluate motives for share repurchases using a unified framework where a firm has a target capital structure and has equity that can be mispriced. We document that capital structure adjustments are a value-increasing motive for repurchases and that the extent to which adjusting capital structure through a repurchase creates value depends on the undervaluation of the firm. Underlevered and undervalued firms enjoy the greatest economic gains from a repurchase, as evidenced by the stock price reaction to the repurchase announcement, and these firms are more likely to announce a share repurchase program.}, journal={JOURNAL OF CORPORATE FINANCE}, author={Bonaime, Alice Adams and Oeztekin, Oezde and Warr, Richard S.}, year={2014}, month={Jun}, pages={182–200} }
 @article{danielsen_harrison_ness_warr_2014, title={Liquidity, Accounting Transparency, and the Cost of Capital: Evidence from Real Estate Investment Trusts}, volume={36}, number={2}, journal={Journal of Real Estate Research}, author={Danielsen, Bartley and Harrison, David and Ness, Robert Van and Warr, Richard S.}, year={2014} }
 @article{danielsen_harrison_van ness_warr_2014, title={Liquidity, accounting transparency, and the cost of capital: Evidence from real estate investment trusts}, volume={36}, number={2}, journal={Journal of Real Estate Research}, author={Danielsen, B. R. and Harrison, D. M. and Van Ness, R. A. and Warr, R. S.}, year={2014}, pages={221–251} }
 @article{warr_elliott_koeter-kant_oeztekin_2012, title={Equity Mispricing and Leverage Adjustment Costs}, volume={47}, ISSN={["1756-6916"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-84865426707&partnerID=MN8TOARS}, DOI={10.1017/s0022109012000051}, abstractNote={Abstract}, number={3}, journal={JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS}, author={Warr, Richard S. and Elliott, William B. and Koeter-Kant, Johanna and Oeztekin, Oezde}, year={2012}, month={Jun}, pages={589–616} }
 @article{blau_van ness_warr_2012, title={Short selling of ADRs and foreign market short-sale constraints}, volume={36}, ISSN={["1872-6372"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-84856295573&partnerID=MN8TOARS}, DOI={10.1016/j.jbankfin.2011.10.004}, abstractNote={We examine the effect of home market short-sale constraints on securities that also trade in other countries that have more liberal short-sale rules. In particular, we focus on the case of ADRs traded in the US, as in some cases, the home markets of these ADRs prohibit short selling. We find that short sellers more heavily trade ADRs from countries where short selling is prohibited than from markets where short selling is allowed. Furthermore, we find that the greater levels of short selling in ADRs with binding home-market constraints is driven by stocks with greater dispersion of investors’ opinion, low fundamentals-to-price ratios, and recent price increases. Our results support the hypothesis that short sellers target ADRs with home market short-sale constraints because these ADRs are more often subject to temporary misvaluation.}, number={3}, journal={JOURNAL OF BANKING & FINANCE}, author={Blau, Benjamin M. and Van Ness, Robert A. and Warr, Richard S.}, year={2012}, month={Mar}, pages={886–897} }
 @article{pagach_warr_2011, title={The Characteristics of Firms That Hire Chief Risk Officers}, volume={78}, ISSN={["1539-6975"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-79551550371&partnerID=MN8TOARS}, DOI={10.1111/j.1539-6975.2010.01378.x}, abstractNote={We examine the characteristics of firms that adopt enterprise risk management (ERM) and find support for the hypothesis that firms adopt ERM for direct economic benefit rather than to merely comply with regulatory pressure. Using chief risk officer (CRO) hires as a proxy for ERM adoption we find that firms that are larger, more volatile, and have greater institutional ownership are more likely to adopt ERM. In addition, when the CEO has incentives to take risk, the firm is also more likely to hire a CRO. Finally, banks with lower levels of Tier 1 capital are also more likely to hire a CRO.}, number={1}, journal={JOURNAL OF RISK AND INSURANCE}, author={Pagach, Donald and Warr, Richard}, year={2011}, month={Mar}, pages={185–211} }
 @book{pagach_warr_2009, title={Corporate Reputational Risk and Enterprise Risk Management: An Analysis from the Perspectives of Various Stakeholders}, publisher={Society of Actuaries}, author={Pagach, Donald and Warr, Richard S.}, year={2009} }
 @article{danielsen_harrison_van ness_warr_2009, title={REIT Auditor Fees and Financial Market Transparency}, volume={37}, ISSN={["1540-6229"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-69449095587&partnerID=MN8TOARS}, DOI={10.1111/j.1540-6229.2009.00250.x}, abstractNote={This article examines the relationship between overinvestment in audit services, abnormal nonaudit fees paid to the auditor and market‐based measures of firm transparency. Because real estate investment trusts (REITs) must distribute 90% of their earnings as dividends, many are repeat participants in the seasoned equity market. Thus, REITs have unusually strong incentives to strive for security market transparency. We find that the capital markets reward REITs that overinvest in audit services with better liquidity as measured by bid‐ask spreads. However, firms with abnormally high nonaudit expenditures appear to be penalized with wider spreads, consistent with the notion that such fees may compromise auditor independence.}, number={3}, journal={REAL ESTATE ECONOMICS}, author={Danielsen, Bartley R. and Harrison, David M. and Van Ness, Robert A. and Warr, Richard S.}, year={2009}, pages={515–557} }
 @article{danielsen_van ness_warr_2009, title={Single Stock Futures as a Substitute for Short Sales: Evidence from Microstructure Data}, volume={36}, ISSN={["1468-5957"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-70449386849&partnerID=MN8TOARS}, DOI={10.1111/j.1468-5957.2009.02159.x}, abstractNote={Abstract:  We examine how the introduction of single‐stock futures impacts short sale costs and short interest levels in the underlying spot market. We find that short selling in the underling securities declines, after futures are introduced, the cost of borrowing stock for short sales declines and the available unborrowed supply of lendable shares increases. These results are consistent with futures exchanges providing a low‐cost substitute market for establishing short positions. Microstructure evidence also suggests that the lower cost and greater ease of short selling via futures markets draws informed traders from the spot market.}, number={9-10}, journal={JOURNAL OF BUSINESS FINANCE & ACCOUNTING}, author={Danielsen, Bartley R. and Van Ness, Robert A. and Warr, Richard S.}, year={2009}, pages={1273–1293} }
 @article{pagach_warr_2009, title={Strategic Risk Management from an Enterprise Perspective}, journal={FSR Forum}, author={Pagach, D.P. and Warr, R.S.}, year={2009} }
 @article{beasley_pagach_warr_2008, title={Information Conveyed in Hiring Announcements of Senior Executives Overseeing Enterprise-Wide Risk Management Processes}, volume={23}, ISSN={0148-558X 2160-4061}, url={http://dx.doi.org/10.1177/0148558x0802300303}, DOI={10.1177/0148558X0802300303}, abstractNote={ Enterprise risk management (ERM) is the process of analyzing the portfolio of risks facing the enterprise to ensure that the combined effect of such risks is within an acceptable tolerance. While more firms are adopting ERM, little academic research exists about the costs and benefits of ERM. Proponents of ERM claim that ERM is designed to enhance shareholder value; however, portfolio theory suggests that costly ERM implementation would be unwelcome by shareholders who can use less costly diversification to eliminate idiosyncratic risk. This study examines equity market reactions to announcements of appointments of senior executive officers overseeing the enterprise's risk management processes. Based on a sample of 120 announcements from 1992-2003, we find that the univariate average two-day market response is not significant, suggesting that a general definitive statement about the benefit or cost of implementing ERM is not possible. However, our multiple regression analysis reveals that there are significant relations between the magnitude of equity market returns and certain firm specific characteristics. For nonfinancial firms, announcement period returns are positively associated with firm size and the volatility of prior periods' reported earnings and negatively associated with leverage and the extent of cash on hand relative to liabilities. For financial firms, however, there are fewer statistical associations between announcement returns and firm characteristics. These results suggest that the costs and benefits of ERM are firm-specific. }, number={3}, journal={Journal of Accounting, Auditing & Finance}, publisher={SAGE Publications}, author={Beasley, Mark and Pagach, Don and Warr, Richard}, year={2008}, month={Jul}, pages={311–332} }
 @article{elliott_koeter-kant_warr_2008, title={Market timing and the debt-equity choice}, volume={17}, ISSN={["1042-9573"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-41349108018&partnerID=MN8TOARS}, DOI={10.1016/j.jfi.2007.05.002}, abstractNote={We test the market timing theory of capital structure using an earnings-based valuation model that allows us to separate equity mispricing from growth options and time-varying adverse selection; thus avoiding the multiple interpretations of book-to-market ratio. We find that equity market mispricing plays a significant, if not dominant, role in the security choice decision. Our results are robust to the inclusion of proxies for time-varying growth options and alternate methods of measuring misvaluation.}, number={2}, journal={JOURNAL OF FINANCIAL INTERMEDIATION}, author={Elliott, William B. and Koeter-Kant, Johanna and Warr, Richard S.}, year={2008}, month={Apr}, pages={175–197} }
 @article{elliott_koeter-kant_warr_2007, title={A valuation-based test of market timing}, volume={13}, ISSN={["1872-6313"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-34548284444&partnerID=MN8TOARS}, DOI={10.1016/j.jcorpfin.2006.12.001}, abstractNote={We implement an earnings-based fundamental valuation model to test the impact of market timing on the firm's method of funding the financing deficit. We argue that our valuation metric provides a superior measure of equity misvaluation because it avoids multiple interpretation problems faced by the market-to-book ratio. It also eliminates the need to infer market timing based on the actions of corporate insiders or other indirect measures. We find a strong positive relation between the degree to which a firm is overvalued and the proportion of the firm's financing deficit that is funded with equity. This result is found cross-sectionally and through time and is robust to firm size, and other variables known to impact capital structure. We find evidence that overvaluation in the 1990s led to equity being increasingly preferred over debt. For a broad set of firms, market timing explains a significant portion of the variation in the type of security used to fund the financing deficit.}, number={1}, journal={JOURNAL OF CORPORATE FINANCE}, author={Elliott, William B. and Koeter-Kant, Johanna and Warr, Richard S.}, year={2007}, month={Mar}, pages={112–128} }
 @article{danielsen_van ness_warr_2007, title={Auditor fees, market microstructure, and firm transparency}, volume={34}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-33847387140&partnerID=MN8TOARS}, DOI={10.1111/j.1468-5957.2006.00652.x}, abstractNote={Abstract:  Auditors, as corporate insiders, have access to private information regarding the firm's financial and business opacity that is unavailable to outside investors. We test whether auditors price their knowledge of firm opacity in their audit fees by examining two competing hypotheses. The first states that higher audit fees may reflect the greater risk that the auditor faces in auditing an opaque firm. Under this hypothesis, market based measures of opacity will be positively correlated with higher fees. The second hypothesis states that firms buy reputational capital from their auditor by paying high fees in an attempt to improve the market's perception of the firm's transparency. In this case, higher audit fees are negatively correlated with market based measures of opacity. Our results are consistent with the first hypothesis, that auditors price opacity risk into their fees.}, number={1-2}, journal={Journal of Business Finance and Accounting}, author={Danielsen, B.R. and Van Ness, R.A. and Warr, R.S.}, year={2007}, pages={202–221} }
 @article{broom_van ness_warr_2007, title={Cubes to quads: The move of QQQ from AMEX to NASDAQ}, volume={59}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-34848854242&partnerID=MN8TOARS}, DOI={10.1016/j.jeconbus.2007.01.002}, abstractNote={We examine the microstructure effects of the QQQ ETF listing change from AMEX to NASDAQ. We find that even though the stock traded on both venues before and after the listing change, NASDAQ reaped a substantial increase in order flow for QQQ at the expense of the AMEX. The change results in a decline in trading costs, consolidation of order flow, and a less fragmented market for QQQ. We hypothesize that the avoidance of the explicit and implicit costs imposed by the Intermarket Trading System for NASDAQ traders was partly responsible for the improvement in QQQ market quality.}, number={6}, journal={Journal of Economics and Business}, author={Broom, K.D. and Van Ness, R.A. and Warr, R.S.}, year={2007}, pages={520–535} }
 @article{danielsen_van ness_warr_2007, title={Reassessing the impact of option introductions on market quality: A less restrictive test for event-date effects}, volume={42}, ISSN={["0022-1090"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-37849029537&partnerID=MN8TOARS}, DOI={10.1017/S0022109000003495}, abstractNote={Abstract}, number={4}, journal={JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS}, author={Danielsen, Bartley R. and Van Ness, Bonnie F. and Warr, Richard S.}, year={2007}, month={Dec}, pages={1041–1062} }
 @article{elliott_van ness_walker_warr_2006, title={What drives the S&P 500 inclusion effect? An analytical survey}, volume={35}, ISSN={["1755-053X"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-33846181300&partnerID=MN8TOARS}, DOI={10.1111/j.1755-053X.2006.tb00158.x}, abstractNote={We present an analytical survey of the explanations—price pressure, downward-sloping demand curves, improved liquidity, improved operating performance, and increased investor awareness—for the increase in stock value associated with inclusion in the S&P 500 Index. We find that increased investor awareness is the primary factor behind the cross-section ofabnormal announcement returns. We also find some evidence of temporary price pressure around the inclusion date. We find no evidence that long-run downward-sloping demand curves for stocks, anticipated improvements in operating performance, or increased liquidity are related to the cross-section of announcement or inclusion returns.}, number={4}, journal={FINANCIAL MANAGEMENT}, author={Elliott, William B. and Van Ness, Bonnie F. and Walker, Mark D. and Warr, Richard S.}, year={2006}, pages={31–48} }
 @inbook{warr_van ness_van ness_2005, place={Hauppauge, NY}, title={A Comparison of NYSE and Regional Trading (1993-2002)}, booktitle={Stock Exchanges, IPOs and Mutual Funds}, publisher={Nova Science Publishers, Inc}, author={Warr, Richard S. and Van Ness, B.F. and Van Ness, R.A.}, editor={Klein, E.Editor}, year={2005} }
 @article{warr_2005, title={An empirical study of inflation distortions to EVA}, volume={57}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-16844385465&partnerID=MN8TOARS}, DOI={10.1016/j.jeconbus.2004.09.006}, abstractNote={Proponents of economic value added (EVA) argue that changes in the metric accurately measure changes in the performance of a firm or business unit through time and therefore can represent a reliable measure of managerial effectiveness. However, inflation distorts EVA through the operating profit, the cost of capital, and the capital base and these distortions have the potential to result in inefficient investment and compensation outcomes. Using an inflation-corrected EVA metric, I measure the sensitivity of EVA to the level of, and changes in, inflation for a large sample of US stocks and find evidence of significant inflation induced distortions.}, number={2}, journal={Journal of Economics and Business}, author={Warr, R.S.}, year={2005}, pages={119–137} }
 @article{van ness_van ness_warr_2005, title={Nasdaq trading and trading costs: 1993-2002}, volume={40}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-64249092135&partnerID=MN8TOARS}, DOI={10.1111/j.1540-6288.2005.00103.x}, abstractNote={Nasdaq spreads decline from 1993 to 2002, largely independently of tick-size reductions. Trade size declines, consistent with greater retail investor activity. Using the method of Chordia, Roll, and Subrahmanyam (2001), we find that concurrent market returns strongly affect liquidity and trading activity. Liquidity exhibits distinct day-of-the-week patterns. There is little evidence that macroeconomic announcements or changes in key interest rates affect Nasdaq stocks overall; but in the bear market, we find a relation between some of these variables and effective spreads, which we interpret as consistent with Nasdaq participants' paying greater attention to fundamentals after the market crash. Copyright 2005 by the Eastern Finance Association.}, number={3}, journal={Financial Review}, author={Van Ness, B.F. and Van Ness, R.A. and Warr, R.S.}, year={2005}, pages={281–304} }
 @inbook{van ness_van ness_warr_2005, title={The Impact of the Introduction of Index Securities on the Underlying Stocks: The Case of the Diamonds and the Dow 30}, ISBN={9789812561640 9789812701213}, ISSN={1793-0952}, url={http://dx.doi.org/10.1142/9789812701213_0007}, DOI={10.1142/9789812701213_0007}, booktitle={Advances in Quantitative Analysis of Finance & Accounting}, publisher={WORLD SCIENTIFIC}, author={Van Ness, Bonnie F. and Van Ness, Robert A. and Warr, Richard S.}, year={2005}, month={May}, pages={105–128} }
 @article{van ness_van ness_warr_2005, title={The impact of market maker concentration on adverse-selection costs for NASDAQ stocks}, volume={28}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-23944452292&partnerID=MN8TOARS}, DOI={10.1111/j.1475-6803.2005.00134.x}, abstractNote={Abstract}, number={3}, journal={Journal of Financial Research}, author={Van Ness, B.F. and Van Ness, R.A. and Warr, R.S.}, year={2005}, pages={461–485} }
 @inbook{van ness_van ness_warr_2004, place={New York}, title={Comparison of NYSE and Regional Trading (1993-2002}, booktitle={Focus on financial institutions and services}, publisher={Nova Science Publishers}, author={Van Ness, B. and Van Ness, R. and Warr, R.S.}, editor={Roll, R.Editor}, year={2004} }
 @article{elliott_warr_2003, title={Price pressure on the NYSE and Nasdaq: Evidence from S&P 500 index changes}, volume={32}, ISSN={["1755-053X"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-0141941730&partnerID=MN8TOARS}, DOI={10.2307/3666385}, abstractNote={Using additions of NYSE- and Nasdaq-listed firms to the S&P 500, between 1989 and 2000, we explore the price effects of noninformation related demand shocks. After controlling for various firm characteristics, index fund growth, and arbitrage risk, we find that NYSE stocks suffer less pronounced price effects than do Nasdaq stocks on the day stocks are added to the Index. For NYSE stocks, this effect is reversed immediately, but Nasdaq stocks, show a partial reversal taking place over several days. We interpret this result as evidence of the superiority of the specialist system over the dealer system in mitigating price pressures.}, number={3}, journal={FINANCIAL MANAGEMENT}, author={Elliott, WB and Warr, RS}, year={2003}, pages={85–99} }
 @article{van ness_ness_warr_2002, title={Is the adverse selection component really higher on the NYSE/Amex than on the Nasdaq?}, volume={29}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-0042286589&partnerID=MN8TOARS}, DOI={10.1111/1468-5957.00451}, abstractNote={Affleck–Graves, Hegde and Miller (1994) find that the adverse selection component of the bid–ask spread is higher for NYSE and Amex stocks than for Nasdaq stocks. Using the model of Huang and Stoll (1997), we revisit their study and find the opposite to be true – the adverse selection component is actually higher for Nasdaq stocks than for NYSE and Amex stocks. The economic magnitude of this additional adverse selection cost is very significant. Our results have important implications for the understanding of information production in dealer versus auction markets, and the costs of trading on such markets.}, number={5-6}, journal={Journal of Business Finance and Accounting}, author={Van Ness, B.F. and Ness, R.A.V. and Warr, R.S.}, year={2002}, pages={807–824} }
 @article{ritter_warr_2002, title={The decline of inflation and the bull market of 1982-1999}, volume={37}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-0036003365&partnerID=MN8TOARS}, DOI={10.2307/3594994}, abstractNote={Abstract If stocks were severely undervalued in the late 1970s and early 1980s, then the bull market starting in 1982 was partly just a correction to more normal valuation levels. This paper tests the hypothesis that investors suffer from inflation illusion, resulting in the undervaluation of equities in the presence of inflation, with levered firms being undervalued the most. Using firm level data and a residual income/EVA model, we find evidence that errors in the valuation of levered firms during inflationary times result in depressed stock prices. Our misvaluation measure can be used with expected inflation to make statistically reliable predictions for real returns on the Dow during the subsequent year. Our model suggests that stocks were overvalued at the end of the 1990s.}, number={1}, journal={Journal of Financial and Quantitative Analysis}, author={Ritter, J.R. and Warr, R.S.}, year={2002}, pages={29–61} }
 @article{van ness_van ness_warr_2001, title={How well do adverse selection components measure adverse selection?}, volume={30}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-0039246531&partnerID=MN8TOARS}, number={3}, journal={Financial Management}, author={Van Ness, B.F. and Van Ness, R.A. and Warr, R.S.}, year={2001}, pages={77–98} }