作者：Keloharju, Matti; Linnainmaa, Juhani T.; Nyberg, Peter
作者单位：Aalto University; Center for Economic & Policy Research (CEPR); University of Southern California; National Bureau of Economic Research
摘要：A strategy that selects stocks based on their historical same-calendar-month returns earns an average return of 13% per year. We document similar return seasonalities in anomalies, commodities, and international stock market indices, as well as at the daily frequency. The seasonalities overwhelm unconditional differences in expected returns. The correlations between different seasonality strategies are modest, suggesting that they emanate from different systematic factors. Our results suggest ...
作者：Bernstein, Shai; Giroud, Xavier; Townsend, Richard R.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Dartmouth College
摘要：We show that venture capitalists' (VCs) on-site involvement with their portfolio companies leads to an increase in both innovation and the likelihood of a successful exit. We rule out selection effects by exploiting an exogenous source of variation in VC involvement: the introduction of new airline routes that reduce VCs' travel times to their existing portfolio companies. We confirm the importance of this channel by conducting a large-scale survey of VCs, of whom almost 90% indicate that dire...
