This paper examines whether the massive Chinese anti-corruption campaign ensnares corrupt firms, contains a political component, and reduces corporate corruption. Consistent with the campaign's stated objectives, Chinese firms with characteristics commonly associated with measures of poor...

We examine whether bereavement affects managerial investment decisions in large organizations using the exogenous events of managers' family deaths. We find evidence in separate samples of mutual funds and publicly traded firms that bereaved managers take less risk. Mutual funds managed by...

Institutions often have access to corporate inside information through their connections, but relatively little is known about the extent to which they exploit their informational advantage through short-term trading. We employ broker-level trading data to systematically examine possible cases...

This paper investigates the impact of institutional trading volume on stock market anomalies. I construct a measure that evaluates the percentage of total trading volume of a stock accounted for by institutional trades. Using a large sample of firms from 1980ndash;2005, I find strong evidence...

This paper investigates the impact of positive-feedback trading by institutions on stock return momentum and market efficiency. Using an ex-ante measure of positive-feedback trading by institutions, I find that return momentum is stronger in stocks that attract more positive-feedback trading by...

Using acquirer’s risk-factor disclosure in merger filings, we study the risks faced by acquirers in mergers and acquisitions and how these risks are associated with important merger outcomes. We first establish the validity of acquirer’s risk factor disclosure, and then employ an...

This study examines the role of the Securities and Exchange Commission (SEC) in mergers and acquisitions (M&As) involving publicly traded target firms. We find that deals receiving comment letters have an increased likelihood of deal completion and deal price revision, consistent with the SEC...