ARTICLES
Which Shorts Are Informed?
EKKEHART BOEHMER, CHARLES M. JONES, and XIAOYAN ZHANG . . . . . . . . . . . . 491
An Empirical Analysis of the Pricing of Collateralized
Debt Obligations
FRANCIS A. LONGSTAFF and ARVIND RAJAN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 529
Do Bankruptcy Codes Matter? A Study of Defaults in France,
Germany, and the U.K.
SERGEI A. DAVYDENKO and JULIAN R. FRANKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565
Empirical Evidence of Risk Shifting in Financially Distressed Firms
ASSAF EISDORFER. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 609
Information Sales and Insider Trading with Long-Lived Information
GIOVANNI CESPA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 639
The Industry Life Cycle, Acquisitions and Investment:
Does Firm Organization Matter?
VOJISLAV MAKSIMOVIC and GORDON PHILLIPS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673
Capital Gains Taxes and Asset Prices: Capitalization or Lock-in?
ZHONGLAN DAI, EDWARD MAYDEW, DOUGLAS A. SHACKELFORD,
and HAROLD H. ZHANG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 709
Identification of Maximal Affine Term Structure Models
PIERRE COLLIN-DUFRESNE, ROBERT S. GOLDSTEIN,
and CHRISTOPHER S. JONES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 743
The Term Structure of Real Rates and Expected Inflation
ANDREW ANG, GEERT BEKAERT, and MIN WEI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797
Competition from Specialized Firms and the Diversification–
Performance Linkage
JUAN SANTALO and MANUEL BECERRA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 851
Correlated Trading and Returns
DANIEL DORN, GUR HUBERMAN, and PAUL SENGMUELLER . . . . . . . . . . . . . . . . . . 885
Share Issuance and Cross-sectional Returns
JEFFREY PONTIFF and ARTEMIZA WOODGATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 921

Earnings Management and Firm Performance Following
Open-Market Repurchases
GUOJIN GONG, HENOCK LOUIS, and AMY X. SUN . . . . . . . . . . . . . . . . . . . . . . . . . . 947
Underreaction to Dividend Reductions and Omissions?
YI LIU, SAMUEL H. SZEWCZYK, and ZAHER ZANTOUT . . . . . . . . . . . . . . . . . . . . . . . 987