In this paper, we construct a novel measure of nepotism and explore its implications for firm value. We document that 35% of U.S. public firms employ relatives in top jobs. Using our measure, we show that nepotism decreases firm value: high-nepotism stocks underperform low-nepotism stocks by...

Modern Algorithmic Trading ("Algo") allows institutional investors and traders to liquidate or establish big security positions in a fully automated or low-touch manner. Most existing academic or industrial Algos focus on how to "slice" a big parent order into smaller child orders over a given...