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Perceptions of Equity and the Distribution of Income
Perception Equity Compensation and Benefits
2015/5/14
Perceptions of Equity and the Distribution of Income.
Loyalty Based Portfolio Choice
Investment Retirement Decisions Employees Performance Evaluation Business Conglomerates
2015/5/13
I evaluate the effect of loyalty on individuals' portfolio choice using a unique dataset of retirement contributions. I exploit the statutory difference that in 401(k) plans stand alone employees can ...
Golden Parachutes and the Wealth of Shareholders
Golden Parachute Acquisitions Takeovers Acquisition Takeover Acquisition Likelihood
2015/5/13
Golden parachutes (GPs) have attracted substantial attention from investors and public officials for more than two decades. We find that GPs are associated with higher expected acquisition premiums an...
Home Bias at Home:Local Equity Preference in Domestic Portfolios
Prejudice and Bias Local Range Investment
2015/5/13
Home Bias at Home:Local Equity Preference in Domestic Portfolios.
Czech Mate:Expropriation and Investor Protection in a Converging World
Joint Ventures Capital Markets Foreign Direct Investment Geographic Location Multinational Firms and Management
2015/5/13
This paper examines the expropriation of a foreign investor by a local partner and the subsequent resolution of that case through international arbitration in favor of the investor. Despite the invest...
Investing in What You Know:The Case of Individual Investors and Local Stocks
Stocks Local Range Investment Equity
2015/5/13
This paper tests the performance of individuals' equity investments. We study over 40,000 accounts and 950,000 trades from a large discount broker. Individuals invest heavily in local stocks and put 1...
Do Executive Stock Options Encourage Risk-Taking?
Risk and Uncertainty Motivation and Incentives Stock Options Executive Compensation
2015/5/13
Executive stock options create incentives for executives to manage firms in ways that maximize firm market value. Since options increase in value with the volatility of the underlying stock, executive...
Capital Cash Flows:A Simple Approach to Valuing Risky Cash Flows
Cash Flow Capital Valuation
2015/5/13
Capital Cash Flows: A Simple Approach to Valuing Risky Cash Flows.
Career Concerns and Staged Investment:Evidence from the Venture Capital Industry
Performance Efficiency Valuation Venture Capital Investment Decisions Motivation and Incentives
2015/5/13
I develop a model in which career concerns lead to inefficient reinvestment decisions. Managers have incentives to inflate interim returns by continuing bad projects and delaying write-offs. In the ve...
Managing Financial Policy:Evidence from the Financing of Major Investments
Managing Financial Policy Evidence Financing Major Investments
2015/5/13
How do managers set financial policy? This paper uses a sample of unconstrained firms making major investments to examine intended financial policy decisions. The analysis reveals that the financial p...
Recent work documents large positive abnormal returns around the time that a hedge fund announces its activist intentions with a publicly listed firm. We show that these returns are largely explained ...
Do Hedge Funds Profit from Mutual-Fund Distress?
Investment Funds Profit Strategy Forecasting and Prediction Investment Return Opportunities
2015/5/12
This paper explores the question of whether hedge funds engage in frontrunning strategies that exploit the predictable trades of others. One potential opportunity for front-running arises when distres...