Although the EU has achieved an impressive degree of harmonization in the securities laws of its member states, it has not yet advanced any effective collective private remedies for violations of those securities laws. This is especially noteworthy since the U.S. Supreme Court's decision in...

The paper analyzes the relation between growth and income inequality in the US during the post-war years (1953–2008). We show that the income of the top income groups is more sensitive to growth, defined broadly as current growth and changes in expectations of future growth, compared to the...

Evidence is found of fully developed turbulence in the increments of U.S. bond fund flows. These flow increments are found to be both anisotropic and locally isotropic. The response function of the market participants generating the flow turbulence is linked to both renormalization and scale...

Research on angel investors is sparse because data are sparse. Most comprehensive studies of angel investors have focused on the US and UK. In these studies, definitions of angel investors and estimates of returns on angel investments vary dramatically. What can we make of this wide range of...

I estimate that statewide pension funds in the United States incur annual investment expenses averaging 1.3% of asset value. A sample of 24 of them underperformed passive investment during the past decade by an average of 1.4% a year. And yet, those same funds report that they outperformed...

Using regulatory data from financial institutions on fraud-related losses in foreign markets, we find large differences in recovery rates across countries. Specifically, losses in countries with poor governance have lower recoveries. Such results are driven by dimensions such as control of...

We compare non-US firms that go public using reverse mergers to those using foreign initial public offerings and capital-raising American Depositary Receipts. We find that foreign reverse merger firms do not bond with minority shareholders. We also find that the repeated accessing of US capital...

Using the lead underwriter of a bond issue as a proxy for the market maker of the bond and credit default swap (CDS) as a measure of financial conditions, this paper shows that a bond's liquidity is positively related to the financial conditions of its market maker. In particular, controlling...