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Creative destruction, stock return volatility, and the number of listed firms

Bartram, Söhnke M.; Brown, Gregory W.; Stulz, René M. - 2024

Persistent link: https://econbiz.de/10015628146

Why do startups become unicorns instead of going public?

Davydova, Daria; Fahlenbrach, Rüdiger; Sanz, Leandro; … - 2024

Persistent link: https://econbiz.de/10015628157

The US equity valuation premium, globalization, and climate change risks

Doidge, Craig; Karolyi, G. Andrew; Stulz, René M. - 2023

Persistent link: https://econbiz.de/10014474909

Do firms with specialized M&A staff make better acquisitions?

Gokkaya, Sinan; Liu, Xi; Stulz, René M. - 2021

We open the black box of the M&A decision process by constructing a comprehensive sample of US firms with specialized M&A staff. We investigate whether specialized M&A staff improves acquisition performance or facilitates managerial empire building instead. We find that firms with specialized...

Persistent link: https://econbiz.de/10012584268

Keeping up with the Joneses and the real effects of S&P 500 inclusion

Bennett, Benjamin; Stulz, René M.; Wang, Zexi - 2021

Firms added to the S&P 500 index join a prestigious and exclusive club. They want to fit in the club, which creates a “keeping up with the Joneses” effect. Firms pay more attention to their index peers after inclusion and their investment, external financing, and payouts comove more with...

Persistent link: https://econbiz.de/10012584272

Leverage and cash dynamics

DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M. - 2021

This paper documents new and empirically important interactions between cash-balance and leverage dynamics. Cash ratios typically vary widely over extended horizons, with dynamics remarkably similar to (and complementary with) those of capital structure. Leverage and cash dynamics interact...

Persistent link: https://econbiz.de/10012584390

Why do bank boards have risk committees?

Stulz, René M.; Tompkins, James; Williamson, Rohan; … - 2021

We develop a theory of bank board risk committees. With this theory, such committees are valuable even though there is no expectation that bank risk is lower if the bank has a well-functioning risk committee. As predicted by our theory (1) many large and complex banks voluntarily chose to have a...

Persistent link: https://econbiz.de/10012816376

Why did small business fintech lending dry up during march 2020?

Ben-David, Itzhak; Johnson, Mark J.; Stulz, René M. - 2021

With the onset of the COVID-19 crisis in March 2020, small business lending through fintech lenders collapsed. We … small business fintech credit platform. We document that while the number of loan applications increased sharply early in …

Persistent link: https://econbiz.de/10012816397

Risk management, firm reputation, and the impact of successful cyberattacks on target firms

Kamiya, Shinichi; Kang, Jun-koo; Kim, Jungmin; … - 2021

Persistent link: https://econbiz.de/10012693717

Does joining the S&P 500 index hurt firms?

Bennett, Benjamin; Stulz, René M.; Wang, Zexi - 2020

We investigate the impact on firms of joining the S&P 500 index from 1997 to 2017. We find that the positive announcement effect on the stock price of index inclusion has disappeared and the long-run impact of index inclusion has become negative. Inclusion worsens stock price informativeness and...

Persistent link: https://econbiz.de/10012263191

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