The empirical analysis examines the salary and publication records of 311 finance professors at public research universities to calculate the worth of a top finance journal article. Within rank, salary regressions provide measures of the direct returns of a journal publication, while probit models consider the indirect returns that result from promotion. Ultimately, the analysis uses a reduced form salary equation to measure both the direct and indirect effects of publishing a journal article. Depending on professorial rank, the present value of the first top finance

Residential property flipping, House prices,

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Hedging, Risk management, Housing, Residential real estate, G13, R31,

This paper contributes to the literature by examining whether the age and gender of the firm's top executives influence market‐based measures of firm risk. Using data on the S&P 1500 firms, we document that chief executive officer (CEO) and chief financial officer (CFO) age and gender have a direct effect on market‐based firm risk measures in addition to the indirect influence they may have through corporate policy choices. Specifically, we find that firms led by older CEOs and CFOs have less volatile stock returns and lower idiosyncratic risk. Although the relationship between executive gender and firm risk is more equivocal, our results suggest that female‐led firms are associated with lower levels of total and idiosyncratic risks after controlling for firm‐specific attributes, policy choices, and managerial risk‐taking incentives. We also document that CEO and CFO age and gender do not influence the level of systematic risk. Overall, our empirical findings demonstrate that the age and gender of the firm's top executives may have important implications for firm riskiness.

Prior theoretical and empirical research indicates that option trading enhances the availability and timeliness of market information, and that the market's earnings expectation (belief) is influenced by characteristics of the information environment. Motivated by these research findings, we investigate whether option listing is associated with changes in the market's expectations about future earnings. Assuming that the distribution of analysts' earnings forecasts serves as a proxy for the market's earnings expectations and using I/B/E/S consensus analyst forecasts, we examine two properties of analyst forecasts: accuracy and dispersion. The results indicate that consensus analyst forecast accuracy improves after option listing and that the variability of analyst forecasts increases after option listing. The accuracy and dispersion results are somewhat weaker but still present after controlling for firm size and analyst following.This study provides empirical evidence regarding the relations among option trading and analyst forecast accuracy and dispersion. Extant research suggests that option trading is associated with a broader and richer information set about a firm's activities, and that the market's earnings expectation (belief) is influenced by the firm's information environment. Motivated by prior research findings, we investigate whether option trading is associated with changes in the market's expectations about future earnings (e.g., investors and financial analysts may use the increased

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