This paper combines the use of portfolio holdings data and conditioning information to create a new performance measure. Our conditional weight-based measure has several advantages. Using conditioning information avoids biases in weight-based measures as discussed by Grinblatt and Titman (1993)....

This paper investigates whether joint ventures and strategic alliances create value for bondholders by examining the bond market's reaction to announcements of these two types of cooperative business activities. Based on 2964 announcements from 1985 to 2011, we find that joint ventures and...

This paper investigates the effect of option listing on corporate financing decisions. Firms experience a significant drop in leverage, which is mainly driven by an increase in equity issues. This effect is concentrated in firms with low profitability, high information asymmetry, and active...

Recent research on blockholders focuses on activist hedge funds and documents positive stock but negative bond returns. This study investigates the role of blockholder heterogeneity on security market effects and target firm follow-on activities across three important dimensions: identity,...