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作者：Chatterjee, Sris; John, Kose; Yan, An
作者单位：New York University; Fordham University
摘要：We test several hypotheses on how takeover premium is related to investors' divergence of opinion on a target's equity value. We show that the total takeover premium, the pre-announcement target stock price run-up, and the post-announcement stock price markup are all higher when investors have higher divergence of opinion. We obtain identical results with higher market-level investor sentiment. When divergence of opinion is higher, a firm is less likely to be a takeover target, although takeov...
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作者：Sun, Zheng; Wang, Ashley; Zheng, Lu
作者单位：University of California System; University of California Irvine; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We investigate whether skilled hedge fund managers are more likely to pursue unique investment strategies that result in superior performance. We propose a measure of the distinctiveness of a fund's investment strategy based on historical fund return data. We call the measure the Strategy Distinctiveness Index (SDI). We document substantial cross-sectional variations as well as strong persistence in SDI. Our main result indicates that, on average, a higher SDI is associated with better subsequ...
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作者：Graham, John R.; Li, Si; Qiu, Jiaping
作者单位：Duke University; National Bureau of Economic Research; Wilfrid Laurier University; McMaster University
摘要：We study the role of firm- and manager-specific heterogeneities in executive compensation. We decompose the variation in executive compensation and find that time-invariant firm and, especially, manager fixed effects explain a majority of the variation in executive pay. We then show that in many settings, it is important to include fixed effects to mitigate potential omitted variable bias. Furthermore, we find that compensation fixed effects are significantly correlated with management styles ...
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作者：Milbradt, Konstantin
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Fair value accounting forces institutions to revalue inventory whenever a transaction occurs. An institution that faces a balance sheet constraint may have incentives to suspend trading in Level 3 assets (traded on opaque over-the-counter markets) in order to avoid such marking-to-market. This keeps the book valuation artificially high, relaxing the balance sheet constraint. But, the institution loses direct control of the risk of its position. Solving this real options problem, the institutio...
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作者：Agrawal, Ashwini K.
作者单位：New York University
摘要：Labor union pension funds have become increasingly vocal in governance matters; however, their motives are subject to fierce debate. I examine the proxy votes of AFL-CIO union funds around an exogenous change in the union representation of workers across firms. AFL-CIO-affiliated shareholders become significantly less opposed to directors once the AFL-CIO labor organization no longer represents a firm's workers. Other institutional investors, including mutual funds and public pension funds, do...
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作者：Belo, Frederico; Lin, Xiaoji
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of London; London School Economics & Political Science
摘要：Previous studies show that firms with low inventory growth outperform firms with high inventory growth in the cross-section of publicly traded firms. In addition, inventory investment is volatile and procyclical, and inventory-to-sales is persistent and countercyclical. We embed an inventory holding motive into the investment-based asset pricing framework by modeling inventory as a factor of production with convex and nonconvex adjustment costs. The augmented model simultaneously matches the l...
