Active Ownership
in The Review of Financial Studies
December 2015; p ublished online August 2015 .
Journal Article. Subjects: Mergers and Acquisitions; Financial Institutions and Services; International Financial Markets. 20795 words.
We analyze an extensive proprietary database of corporate social responsibility engagements with U.S. public companies from 1999–2009. Engagements address environmental, social, and...
Aggregate Investment and Investor Sentiment
in The Review of Financial Studies
November 2014; p ublished online August 2014 .
Journal Article. Subjects: Economics; International Financial Markets; Corporate Governance. 19893 words.
Using bottom-up information from corporate financial statements, we examine the relation between aggregate investment, future equity returns, and investor sentiment. Consistent with the...
Are There Permanent Valuation Gains to Overseas Listing?
in The Review of Financial Studies
January 2009; p ublished online March 2008 .
Journal Article. Subjects: Economics; International Financial Markets. 18607 words.
This paper tests whether foreign equity listings are associated with permanent valuation gains and examines how market and firm characteristics influence any valuation effects. Using a...
Asset Prices and Exchange Rates
in The Review of Financial Studies
July 2007; p ublished online January 2007 .
Journal Article. Subjects: Economics; International Financial Markets; International Finance. 19601 words.
We study the implications of introducing demand shocks and trade in goods into an otherwise standard international asset pricing model. Trade in goods gives rise to an additional channel of...
Asymmetric Information, Portfolio Managers, and Home Bias
in The Review of Financial Studies
July 2012; p ublished online June 2012 .
Journal Article. Subjects: Information, Knowledge, and Uncertainy; Economics; International Financial Markets. 22635 words.
We propose a model of delegated asset management that can explain the following empirical regularities in international markets: the presence of home bias, the lower proportion of mutual...
Banking on Politics: When Former High-ranking Politicians Become Bank Directors
in The World Bank Economic Review
June 2010; p ublished online June 2010 .
Journal Article. Subjects: International Financial Markets; Banking; Capitalist Systems. 16586 words.
New data are presented for a large number of countries on how frequently former high-ranking politicians become bank directors. Politician-banker connections at this level are relatively...
Big Business Owners in Politics
in The Review of Financial Studies
June 2009; p ublished online September 2008 .
Journal Article. Subjects: International Financial Markets; Corporate Regulation; Law and Economics; Other Economic Systems. 15495 words.
This paper investigates a little studied but common mechanism that firms use to obtain state favors: business owners themselves seeking election to top office. Using Thailand as a research...
Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement
in The Review of Financial Studies
November 2016; p ublished online July 2016 .
Journal Article. Subjects: International Finance; International Financial Markets; Financial Regulation; Corporate Governance; Law and Economics; Accounting. 20691 words.
We examine the capital-market effects of changes in securities regulation in the European Union aimed at reducing market abuse and increasing transparency. To estimate causal effects for...
Cash Savings and Stock Price Informativeness
in Review of Finance
October 2012; p ublished online June 2011 .
Journal Article. Subjects: Mergers and Acquisitions; International Financial Markets; Corporate Governance. 11798 words.
This paper shows that managers use the information they learn from the stock market when they decide on corporate cash savings. In particular, corporate savings are much more sensitive to...
Cognitive Limitation and Investment Performance: Evidence from Limit Order Clustering
in The Review of Financial Studies
March 2015; p ublished online September 2014 .
Journal Article. Subjects: Economics; International Financial Markets. 18473 words.
We hypothesize that cognitive limitation may be manifested in a disproportionately large volume of limit orders submitted at round-number prices if investors use these numbers as cognitive...