We examine a sample of 125 equity mutual funds that closed to new investment between 1993 and 2004. We find that funds close following a period of superior performance and abnormal fund inflows. Fund managers raise their fees when they close to compensate managers for losses in income due to the...

Two conflicting behavioral models, under-reaction and over-reaction, have been proposed as explanations for the long-run abnormal return patterns following a variety of corporate events. We test hypotheses that distinguish between these two behavioral models for four corporate events, seasoned...

Two conflicting behavioral models, under-reaction and over-reaction, have been proposed as explanations for the long-run abnormal return patterns following a variety of corporate events. We test hypotheses that distinguish between these two behavioral models for four corporate events, seasoned...

We examine how the market values operating assets in the presence of time-varying ex ante risk that these assets may be tunneled away. We analyze pairs of Chinese publicly listed firms and their non-listed parents and examine the market valuation of current assets (cash balances, trade...

We show that investor preferences for diversity have had a significant effect on the initial returns earned by U.S. firms going public with gender diverse boards over the past decade. There is no difference in economic fundamentals, such as profitability, between these firms and firms without...

Regulating Alternative Finance – Results from a Global Regulator Survey is a report that details the key findings from a global regulatory survey that was jointly conducted by the World Bank and the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business...

We examine how CEO birthplace identity affects firm corporate social responsibility (CSR)activities. CEOs heading firms located in their home birth counties are associated with higherlevels of CSR. The relation is more pronounced for CEOs with deeper home connections.Importantly, CSR activities...

The literature on managerial style posits a linear relation between a CEO's past experiences and firm risk. We show that there is a non-monotonic relation between the intensity of CEOs' early-life exposure to fatal disasters and corporate risk-taking. CEOs who experience fatal disasters without...

Defining systematic risk management (SRM) skill as persistently low fund systematic risk, we find evidence of time varying allocation of hedge fund management effort across the business cycle. In weak market states, skilled managers focus on minimization of systematic risk via dynamic...

We empirically analyze how outside directors and firms choose each other in a sample of 40,585 unique directors associated with 5,246 unique U.S. listed firm. We first provide stylized facts on outside directors and the successful ones. We find that gender, qualifications (MBA), work experience...