The historical returns of small-cap stocks have exceeded those of mid-cap and large-cap stocks over long time periods. The additional return experienced by small-cap investors has occurred despite inherent disadvantages in the asset class

This paper seeks to further the understanding of US university endowment performance by looking at performance stratified by size, whether the institution is public or private, and if the institution is a foundation or endowment. The methodology employed in the paper is identical to the...

We study the ownership structure of joint-stock firms for the period of 1869 to 1945 based on a unique hand-collected data set. The data covers a selection of 785 general meetings of 276 firms, including details of more than 10,000 investors. We show that after the hyperinflation of 1923, when...

Acknowledgments -- Beginning -- The early days in Adams and University of 4 Massachusetts in Amherst -- Reminiscences of the early days in Berkeley -- The start of a new department in Vancouver -- What is Japan doing right to get all that -- Money? : will they lose it? -- The bond-stock earnings...

Using investors' trading horizons to capture their incentives to collect information and monitor management's decisions, this paper shows that an increase in the ownership stake held by long-term institutional investors is associated with a subsequent decrease in real investment precisely in...