This comparison of expected versus realized turnover in institutional equity portfolios reveals that 65%of portfolios turn over more than expected, some by large amounts.Manager interviews indicated they were aware that excessive turnover was potentially harmful to their clients. They cited...

We find that, on average, workplace injuries in publicly-listed firms are lower than those in comparable private firms. This finding is robust to multiple tests designed to mitigate endogeneity concerns regarding a firm’s listing status. Further investigation suggests that the benefit of a...

Exploiting the staggered adoptions of US state-level employment protection laws, we provide novel empirical evidence that adoptions of laws increase the level of stock market participation both on the extensive margin and on the intensive margin. These effects are stronger for young, low-income,...

This paper analyses risk premiums and risk-adjusted excess returns of a portfolio of firms with low employee turnover from 2006 to 2011. The results show that average risk premiums of an equal-weighted portfolio of firms with low employee turnover are economically superior than the CRSP...

Does an improvement in stock market liquidity cause the board of directors to become more short-term oriented? Improved liquidity may lead to enhanced market efficiency with more trading by informed blockholders (Maug, 1998). Hence, stock price would better reflect the fundamental values of the...