In this paper we investigate whether trading by CEOs and CFOs is motivated by contrarian beliefs or superior information about future cash flow realizations. We find that even though both CEOs and CFOs earn significant abnormal returns following their trades, CFO trades are associated with...

A key objective of shareholder activists is to persuade a firm’s management to change its strategy. CFOs play an important role in negotiations, nonetheless activism research mainly focuses on CEOs. We examine the relationship between CFO overconfidence and the likelihood to get targeted by...

An abundance of evidence relates facial width-to-height ratio (fWHR) to masculine behaviors in males. We show that hedge funds operated by high-fWHR managers underperform those operated by low-fWHR managers, bear greater downside risk, are more susceptible to fire sales, and fail more often....

This paper analyzes how newly introduced transparency requirements for short positions affect investors' behavior and security prices. Employing a unique data set, which contains both public positions above and confidential positions below the regulatory disclosure threshold, we offer several...

Dieser Beitrag beschäftigt sich mit den Theoriebeiträgen der Fundamentaldatenanalyse, der Effizienzmarkthypothese und der Behavioral Finance. Die Fundamentaldatenanaly-se bietet einzelnen Investoren eine leistungsfähige Heuristik, wie sie auf volatilen Märk-ten ihre Spielzüge optimieren...

Is the euro area getting closer with regard to business cycles? The study investigates the linkage between business cycle convergence and financial portfolio choice for a panel of 18 European countries. For this purpose an index is constructed which measures the similarity of investment...