Volume 47 Issue 1 （Spring 2018)

本期共有八篇文章，这里简单介绍文章的内容，其中第一篇研究的是共同基金经理的工作经验和投资技巧，第二篇研究的是董事会的强制性工人代表及其对股东财富的影响，第三篇研究的是股票收益率波动的股东基础假设:经验证据；第四篇研究的是在股利变动公告前的知情期权交易，第五篇研究的是分裂倾向和CEO薪酬。第六篇研究的是学校假期和股票市场季节性。第七篇研究的是公司现金持有和收购，第八篇研究的是投CMBS从属地位、评级通胀和监管资本套利。

1 Mutual Fund Managers’ Prior Work Experience and Their Investment Skill Rui Chen,Zhennan Gao,Xueyong Zhang,Min Zhu

2 Mandatory Worker Representation on the Board and Its Effect on Shareholder Wealth Stefan Petry

3 The Shareholder Base Hypothesis of Stock Return Volatility: Empirical Evidence Håkan Jankensgård,Anders Vilhelmsson

4 Informed Options Trading Prior to Dividend Change Announcements Jun Zhang

5 The Propensity to Split and CEO Compensation Erik Devos,William B. Elliott,Richard S. Warr

6 School Holidays and Stock Market Seasonality Lily Fang,Chunmei Lin,Yuping Shao

7 Corporate Cash Holdings and Acquisitions Erik Lie,Yixin Liu

8 CMBS Subordination, Ratings Inflation, and Regulatory‐Capital Arbitrage Richard Stanton,Nancy Wallace