TY - JOUR TI - Strategic Risk Management from an Enterprise Perspective AU - Pagach, D.P. AU - Warr, R.S. T2 - FSR Forum DA - 2009/// PY - 2009/// ER - TY - BOOK TI - Corporate Reputational Risk and Enterprise Risk Management: An Analysis from the Perspectives of Various Stakeholders AU - Pagach, Donald AU - Warr, Richard S. DA - 2009/// PY - 2009/// PB - Society of Actuaries ER - TY - JOUR TI - Single Stock Futures as a Substitute for Short Sales: Evidence from Microstructure Data AU - Danielsen, Bartley R. AU - Van Ness, Robert A. AU - Warr, Richard S. T2 - JOURNAL OF BUSINESS FINANCE & ACCOUNTING AB - 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. DA - 2009/// PY - 2009/// DO - 10.1111/j.1468-5957.2009.02159.x VL - 36 IS - 9-10 SP - 1273-1293 SN - 1468-5957 UR - http://www.scopus.com/inward/record.url?eid=2-s2.0-70449386849&partnerID=MN8TOARS KW - stock futures KW - microstructure KW - short sales ER - TY - JOUR TI - REIT Auditor Fees and Financial Market Transparency AU - Danielsen, Bartley R. AU - Harrison, David M. AU - Van Ness, Robert A. AU - Warr, Richard S. T2 - REAL ESTATE ECONOMICS AB - 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. DA - 2009/// PY - 2009/// DO - 10.1111/j.1540-6229.2009.00250.x VL - 37 IS - 3 SP - 515-557 SN - 1540-6229 UR - http://www.scopus.com/inward/record.url?eid=2-s2.0-69449095587&partnerID=MN8TOARS ER -