<p>ARTICLES<br/>Which Shorts Are Informed?<br/>EKKEHART BOEHMER, CHARLES M. JONES, and XIAOYAN ZHANG . . . . . . . . . . . . 491<br/>An Empirical Analysis of the Pricing of Collateralized<br/>Debt Obligations<br/>FRANCIS A. LONGSTAFF and ARVIND RAJAN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 529<br/>Do Bankruptcy Codes Matter? A Study of Defaults in France,<br/>Germany, and the U.K.<br/>SERGEI A. DAVYDENKO and JULIAN R. FRANKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565<br/>Empirical Evidence of Risk Shifting in Financially Distressed Firms<br/>ASSAF EISDORFER. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 609<br/>Information Sales and Insider Trading with Long-Lived Information<br/>GIOVANNI CESPA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 639<br/>The Industry Life Cycle, Acquisitions and Investment:<br/>Does Firm Organization Matter?<br/>VOJISLAV MAKSIMOVIC and GORDON PHILLIPS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673<br/>Capital Gains Taxes and Asset Prices: Capitalization or Lock-in?<br/>ZHONGLAN DAI, EDWARD MAYDEW, DOUGLAS A. SHACKELFORD,<br/>and HAROLD H. ZHANG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 709<br/>Identification of Maximal Affine Term Structure Models<br/>PIERRE COLLIN-DUFRESNE, ROBERT S. GOLDSTEIN,<br/>and CHRISTOPHER S. JONES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 743<br/>The Term Structure of Real Rates and Expected Inflation<br/>ANDREW ANG, GEERT BEKAERT, and MIN WEI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797<br/>Competition from Specialized Firms and the Diversification–<br/>Performance Linkage<br/>JUAN SANTALO and MANUEL BECERRA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 851<br/>Correlated Trading and Returns<br/>DANIEL DORN, GUR HUBERMAN, and PAUL SENGMUELLER . . . . . . . . . . . . . . . . . . 885<br/>Share Issuance and Cross-sectional Returns<br/>JEFFREY PONTIFF and ARTEMIZA WOODGATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 921</p><p>Earnings Management and Firm Performance Following<br/>Open-Market Repurchases<br/>GUOJIN GONG, HENOCK LOUIS, and AMY X. SUN . . . . . . . . . . . . . . . . . . . . . . . . . . 947<br/>Underreaction to Dividend Reductions and Omissions?<br/>YI LIU, SAMUEL H. SZEWCZYK, and ZAHER ZANTOUT . . . . . . . . . . . . . . . . . . . . . . . 987</p>