We examine the evolution of insider ownership of IPO firms from 1970 to 2001 to understand how U.S. firms become widely held. A majority of these firms has insider ownership below 20% after 10 years. Stock market performance and liquidity play an extremely important role in ownership dynamics....

We consider IPO firms from 1970 to 2001 and examine the evolution of their insider ownership over time to understand better why and how U.S. firms that become widely held do so. In our sample, a majority of firms has insider ownership below 20% after ten years. We find that a firm's stock market...

We identify two types of momenta in stock returns - one due to total returns and one due to firm-specific residual returns. Despite similar performances over the first year, these momentum portfolios perform dramatically differently beyond year one. Total-return momentum reverses strongly;...

We document strong comovement in the stock returns of firms headquartered in the same geographic area. Moreover, stocks of companies that change their headquarters location experience a decrease in their comovement with stocks from the old location and an increase in their comovement with stocks...

We find that institutional investors contribute significantly to both long-term levels and short-term changes of stock price comovement with the market. This result is only partly explained by institutional investors incorporating more systematic information into security prices than individual...

We explore equilibrium corporate capital structure under the tradeoff that additional debt generates the familiar corporate tax benefit, while additional equity generates more information about the value of growth opportunities, allowing a more precise estimate of the return on real investment....

We document strong comovement in the stock returns of firms headquartered in the same geographic area. Moreover, stocks of companies that change their headquarters location experience a decrease in their comovement with stocks from the old location and an increase in their comovement with stocks...

We use the Nasdaq market making context to study the role of geographic proximity in the price discovery of a firm's stock. We show that market makers closer to the firm's headquarters spend more time at the inside bid and ask quotes, initiate larger changes in the quotes, and account for...

This paper investigates the investment performance of a comprehensive group of financial institutions including banks, insurance companies, mutual funds, independent investment advisors, and corporate and state pension funds based on quarterly disclosures of their equity-portfolio holdings. On...