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Activist Directors:Determinants and Consequences
Governing and Advisory Boards Investment Activism
2015/4/29
This paper examines the determinants and consequences of hedge fund activism with a focus on activist directors, i.e., those directors appointed in response to demands by activists. Using a sample of ...
Adding Value Through Venture Capital in Latin America and the Caribbean
Venture Capital Value Entrepreneurship Investment Latin America West Indies
2015/4/28
Venture capital (VC) investment has long been recognized as an engine for economic growth and development. Unlike bank loans, where the entrepreneur receives money and is left alone as long as the pay...
The Search for Benchmarks:When Do Crowds Provide Wisdom?
Peer Firm Benchmarking EDGAR Search Traffic Co-Search Analyst Coverage Industry Classification
2015/4/28
We compare the performance of a comprehensive set of alternative peer identification schemes used in economic benchmarking. Our results show the peer firms identified from aggregation of informed agen...
Return on Political Investment in the American Jobs Creation Act of 2004
Accounting Business and Government Relations Corporate Finance United States
2015/4/28
Prior literature raises a "puzzle" of high rates of return on corporate political investment, but evidence for this puzzle is largely descriptive in nature. We exploit the setting of the American Jobs...
Asset Price Dynamics with Limited Attention
Transitory Volatility Limited Attention Individuals Market Makers Asset Pricing Financial Markets
2015/4/27
This paper studies the role that limited attention and inefficient risk sharing play in stock price deviations from the efficient prices at horizons from one day to one month. We expand the Due (2010)...
Price Coherence and Adverse Intermediation
Intermediaries Platforms Two-Sided Markets Price Coherence Price Two-Sided Platforms
2015/4/27
Suppose an intermediary provides a benefit to buyers when they purchase from sellers using the intermediary's technology. We develop a model to show that the intermediary will want to restrict sellers...
Short-termism,Investor Clientele,and Corporate Performance
Short-Termism Myopia Investor Clientele Earnings Management
2015/4/27
Using conference call transcripts to measure the time horizon that senior executives emphasize when they communicate with investors, we develop a measure of corporate short-termism. We find that the m...
Is a VC Partnership Greater Than the Sum of Its Partners?
Investing Persistence Performance Persistence Theory Of The Firm Venture Capital
2015/4/27
This paper investigates whether individual venture capitalists have repeatable investment skill and to what extent their skill is impacted by the VC firm where they work. We examine a unique dataset t...
Dividends as Reference Points:A Behavioral Signaling Approach
Risk Management Investment Standards
2015/4/27
We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss averse to reductions in dividends relative to the reference point set by prior divide...
Risky Business: The Impact of Property Rights on Investment and Revenue in the Film Industry
Contracts Revenue Motivation and Incentives Motion Pictures and Video Industry United States
2015/4/27
Our paper tests a key prediction of property rights theory, specifically, that agents will respond to marginal incentives embedded in property rights when making non-contractible, revenue-enhancing in...
Innovation and the Financial Guillotine
Innovation Investing Abandonment Option Failure Tolerance Venture Capital Attitudes
2015/4/27
We examine how investors' tolerance for failure impacts the types of projects they are willing to fund. We show that actions that reduce short-term accountability and thus encourage agents to experime...
Equity overvaluation is thought to create the potential for managerial misbehavior, while monitoring and corporate governance curb misbehavior. We combine these two insights from the literatures on mi...
Search-Based Peer Firms:Aggregating Investor Perceptions Through Internet Co-Searches
Peer Firm EDGAR Search Traffic Revealed Preference Co-Search Industry Classification
2015/4/27
Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR web-site, we develop a novel method for identifying economically-related peer firms and for measuring their relative importance....
Return Predictability in the Treasury Market:Real Rates,Inflation,and Liquidity
Expectations Hypothesis Term Structure Real Interest Rate Risk Inflation Risk Inflation-Indexed Bonds
2015/4/24
Estimating the liquidity differential between inflation-indexed and nominal bond yields, we separately test for time-varying real rate risk premia, inflation risk premia, and liquidity premia in U.S. ...
The First Deal:The Division of Founder Equity in New Ventures
Business Startups Decision Choices and Conditions Entrepreneurship
2015/4/24
This paper examines the division of founder shares in entrepreneurial ventures, focusing on the decision of whether or not to divide the shares equally among all founders. To motivate the empirical an...