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Managerial beliefs and corporate financial policies
Malmendier, Ulrike; Tate, Geoffrey; Yan, Jonathan - 2010
"We measure the impact of individual managerial beliefs on corporate financing. First, managers who believe that their firm is undervalued view external financing as overpriced, especially equity. We show that such overconfident managers use less external finance and, conditional on accessing...
Persistent link: https://www.econbiz.de/10003926799
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Spillover effects in mutual fund companies
Sialm, Clemens; Tham, T. Mandy - 2011
Persistent link: https://www.econbiz.de/10009268875
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Mutual fund performance and the incentive to invest in active management
Del Guercio, Diane; Reuter, Jonathan - 2011
risk-adjusted performance by investing more in active management. Our findings suggest that the underperformance of the …
Persistent link: https://www.econbiz.de/10009355157
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The economics of hedge funds : alpha, fees, leverage, and valuation
Lan, Yingcong; Wang, Neng; Yang, Jinqiang - 2011
"Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees … only paid via management fees, the manager optimally chooses time-invariant leverage to balance the size of allocation to … via both management and incentive fees, we show that (i) the high-powered incentive fees encourage excessive risk taking …
Persistent link: https://www.econbiz.de/10008933608
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Optimal decentralized investment management
Binsbergen, Jules H. van; Brandt, Michael W.; Koijen, … - 2006
Persistent link: https://www.econbiz.de/10003309484
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Does management matter? : evidence from India
Bloom, Nicholas; Eifert, Benn; Mahajan, Aprajit; … - 2011
Persistent link: https://www.econbiz.de/10008822535
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Regional trade integration and multinational firm strategies
Antràs, Pol; Foley, C. Fritz - 2009
Persistent link: https://www.econbiz.de/10003835850
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Local dividend clienteles
Becker, Bo; Ivković, Zoran; Weisbenner, Scott J. - 2009
"We exploit demographic variation to identify the effect of dividend demand on firm payout policy. Retail investors tend to hold local stocks and older investors prefer dividend-paying stocks. Together, these tendencies generate geographically-varying demand for dividends. Firms headquartered in...
Persistent link: https://www.econbiz.de/10003867058
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Mutual fund tax clienteles
Sialm, Clemens; Starks, Laura T. - 2009
Persistent link: https://www.econbiz.de/10003882155
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Strategic entry deterrence and the behavior of pharmaceutical incumbents prior to patent expiration
Ellison, Glenn; Ellison, Sara Fisher - 2007
This paper develops a new approach to testing for strategic entry deterrence and applies it to the behavior of pharmaceutical incumbents just before they lose patent protection. The approach involves looking at a cross-section of markets and examining whether behavior is nonmonotonic in the size...
Persistent link: https://www.econbiz.de/10003461148