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Does Corporate Governance Matter in Competitive Industries?
Giroud, Xavier - 2009
By reducing the threat of a hostile takeover, business combination (BC) laws weaken corporate governance and increase the opportunity for managerial slack. Consistent with the notion that competition mitigates managerial slack, we find that while firms in non-competitive industries experience a...
Persistent link: https://www.econbiz.de/10012463770
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Do Hot Hands Exist Among Hedge Fund Managers? An Empirical Evaluation
Jagannathan, Ravi - 2006
We examine whether hot hands exist among hedge fund managers. In measuring performance persistence, we use hedge fund style benchmarks. This allows us to identify managers with valuable skills, and also to control for option-like features inherent in returns from hedge fund strategies. We take...
Persistent link: https://www.econbiz.de/10012466656
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Ambulance Utilization in New York City after the Implementation of the Affordable Care Act
Courtemanche, Charles - 2018
dispatches for more severe injuries, dispatches for minor injuries rose sharply after the implementation of the ACA. By contrast …
Persistent link: https://www.econbiz.de/10012453235
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Fifty Ways to Leave a Child Behind : Idiosyncrasies and Discrepancies in States' Implementation of NCLB
Davidson, Elizabeth - 2013
Yearly Progress. While the federal government's legislation provided a framework for NCLB implementation, it also gave states …% across states. In this paper, we explore how states' NCLB implementation decisions affected their schools' failure rates … characteristics like enrollment size, grade span, and ethnic diversity. Subtle differences in policy implementation led to dramatic …
Persistent link: https://www.econbiz.de/10012459674
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The Trillion Dollar Conundrum : Complementarities and Health Information Technology
Dranove, David - 2012
We examine the relationship between the adoption of EMR and hospital operating costs. We first identify a puzzle that has been seen in prior studies: Adoption of EMR is associated with a slight cost increase. We draw on the literature on IT and productivity to demonstrate that the average effect...
Persistent link: https://www.econbiz.de/10012460379
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Bayesian Performance Evaluation
Baks, Klaas - 1999
This paper proposes a Bayesian method of performance evaluation for investment managers. We begin with a flexible set of prior beliefs that can be elicited without any reference to probability distributions or their parameters. We then combine these prior beliefs with a general multi-factor...
Persistent link: https://www.econbiz.de/10012471727
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What Gets Measured Gets Managed : Investment and the Cost of Capital
He, Zhiguo; Liao, Guanmin; Wang, Baolian - National Bureau of Economic Research - 2022
We study the impact of government-led incentive systems by examining a staggered reform in the Chinese state-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using return on equity (ROE) to economic value added...
Persistent link: https://www.econbiz.de/10012938744
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Private Equity Indices Based on Secondary Market Transactions
Boyer, Brian - 2018
Measuring the performance of private equity investments (buyout and venture) has historically only been possible over long horizons because the IRR on a fund is only observable following the fund's final distribution. We propose a new approach to evaluating performance using actual prices paid...
Persistent link: https://www.econbiz.de/10012480859
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Mutual Fund Performance and Flows During the COVID-19 Crisis
Pastor, Lubos - 2020
We present a comprehensive analysis of the performance and flows of U.S. actively-managed equity mutual funds during the COVID-19 crisis of 2020. We find that most active funds underperform passive benchmarks during the crisis, contradicting a popular hypothesis. Funds with high sustainability...
Persistent link: https://www.econbiz.de/10012481406
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The Performance of Hedge Fund Performance Fees
Ben-David, Itzhak - 2020
We study the long-run outcomes associated with hedge funds' compensation structure. Over a 22-year period, the aggregate effective incentive fee rate is 2.5 times the average contractual rate (i.e., around 50% instead of 20%). Overall, investors collected 36 cents for every dollar earned on...
Persistent link: https://www.econbiz.de/10012481649