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Harvey, Campbell R. - 2019

The existing replication policies at top finance journals are far weaker than the policies at top economics journals. This paper explores both the costs and benefits of having a stronger replication policy in the context of my failed 2010 initiative to develop a unified policy across all top...

Persistent link: https://www.econbiz.de/10012867841

The Effect of Capital Structure When Expected Agency Costs are Extreme

Lins, Karl - 2003

This paper conducts powerful new tests of whether debt can mitigate the effects of agency and information problems. We focus on emerging market firms for which pyramid ownership structures create potentially extreme managerial agency costs. Our tests incorporate both traditional financial...

Persistent link: https://www.econbiz.de/10012740546

The Economic Implications of Corporate Financial Reporting

Graham, John R. - 2005

We survey 401 financial executives, and conduct in-depth interviews with an additional 20, to determine the key factors that drive decisions related to performance measurement and voluntary disclosure. The majority of firms view earnings, especially EPS, as the key metric for an external...

Persistent link: https://www.econbiz.de/10012785018

Decreasing Returns to Scale, Fund Flows, and Performance

Harvey, Campbell R. - 2019

Theoretical models imply fund size and performance should be negatively linked. However, empiricists have failed to uncover consistent support for this negative relation. Using a new econometric framework which includes fund-specific sensitivities to decreasing returns to scale, we find a both...

Persistent link: https://www.econbiz.de/10012901686

Detecting Repeatable Performance

Harvey, Campbell R. - 2020

framework, we reduce the noise by pooling information from the cross-sectional alpha distribution to make density forecasts for … each individual fund's alpha. In simulations, we show that our method generates parameter estimates that outperform … that our method generates improved alpha forecasts …

Persistent link: https://www.econbiz.de/10012855889

An Investor’s Guide to Crypto

Harvey, Campbell R.; Abou Zeid, Tarek; Draaisma, Teun; … - 2022

We provide practical insights for investors seeking exposure to the growing cryptocurrency space. Today, crypto is much more than just bitcoin, which historically dominated the space but accounted for just a 21% share of total crypto trading volume in 2021. We discuss a wide variety of tokens,...

Persistent link: https://www.econbiz.de/10013405854

Managerial Miscalibration

Ben-David, Itzhak - 2019

Using a unique 10-year panel that includes more than 13,300 expected stock market return probability distributions, we find that executives are severely miscalibrated, producing distributions that are too narrow: realized market returns are within the executives' 80% confidence intervals only...

Persistent link: https://www.econbiz.de/10012906049

Liquidity Management and Corporate Investment During a Financial Crisis

Campello, Murillo - 2010

This paper uses a unique dataset to study how firms managed liquidity during the 2008-09 financial crisis. Our analysis provides new insights on interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how...

Persistent link: https://www.econbiz.de/10013151684

The Management of Political Risk

Giambona, Erasmo - 2016

We explore a long standing prediction in the international business literature that managers' subjective perceptions of political risk – not just the level of risk – are important for how firms manage political risk. The importance attributed to political risk by corporate executives has...

Persistent link: https://www.econbiz.de/10012987988

The Theory and Practice of Corporate Finance : The Data

Graham, John R. - 2003

In February and March of 1999, we surveyed 392 CFOs about the cost of capital, capital budgeting, and capital structure. The survey consisted of 14 main questions, most with subparts - over 100 questions in total. Although the survey was anonymous, we also collected information on 12...

Persistent link: https://www.econbiz.de/10012739843

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