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Learning About CEO Ability and Stock Return Volatility
Pan, Yihui - 2013
When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...
Persistent link: https://www.econbiz.de/10013085131
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Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms
Hubbard, R. Glenn - 2008
This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …
Persistent link: https://www.econbiz.de/10012774941
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Which Investors Matter for Equity Valuations and Expected Returns?
Koijen, Ralph S. J.; Richmond, Robert; Yogo, Motohiro - 2022
Much work in finance is devoted to identifying characteristics of firms, such as measures of fundamentals and beliefs, that explain differences in asset prices and expected returns. We develop a framework to quantitatively trace the connection between valuations, expected returns, and...
Persistent link: https://www.econbiz.de/10013288994
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Comparative Advantage in Cyclical Unemployment
Bils, Mark - 2010
We introduce worker differences in labor supply, reflecting differences in skills and assets, into a model of separations, matching, and unemployment over the business cycle. Separating from employment when unemployment duration is long is particularly costly for workers with high labor supply....
Persistent link: https://www.econbiz.de/10012759948
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Income Inequality and Asset Prices Under Redistributive Taxation
Pastor, Lubos - 2015
Our simple model features agents heterogeneous in skill and risk aversion, incomplete financial markets, and redistributive taxation. In equilibrium, agents become entrepreneurs if their skill is sufficiently high or risk aversion sufficiently low. Under heavier taxation, entrepreneurs are more...
Persistent link: https://www.econbiz.de/10013013173
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Value versus growth : time-varying expected stock returns
Gulen, Huseyin (contributor); Xing, Yuhang (contributor);  … - 2008
Persistent link: https://www.econbiz.de/10003783889
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Financially constrained stock returns
Livdan, Dmitry (contributor); Sapriza, Horacio (contributor) - 2006
Persistent link: https://www.econbiz.de/10003746308
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Estimating the gains from trade in limit order markets
Hollifield, Burton; Miller, Robert Allen; Sandås, Patrik; … - 2004 - rev
Persistent link: https://www.econbiz.de/10003229578
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Mutual fund performance and seemingly unrelated assets
Pástor, Ľuboš (contributor);  … - 2001 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10002011410
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The Short of it : Investor Sentiment and Anomalies
Stambaugh, Robert F. - 2011
This study explores the role of investor sentiment in a broad set of anomalies in cross-sectional stock returns. We consider a setting where the presence of market-wide sentiment is combined with the argument that overpricing should be more prevalent than underpricing, due to short-sale...
Persistent link: https://www.econbiz.de/10013127985