It has been widely assumed that there was a bubble in the U.S. housing market after1999.This paper analyzes the extent to which that was true. We define a bubble as: (1) a regime shift that is characterized by a change in the properties of deviations from the fundamentals of house price growth,...

The average investor reaction is neutral to primary offerings by firms with managerial incentives closely tied to the shareholder value. Investors react negatively (1) when there are insufficient managerial ownership stakes to deter misuse of SEO proceeds and (2) when there are negative signals...

We study the determinants of liquidity and price differentials between on-the-run and off-the-run U.S. Treasury bond markets. To guide our analysis, we develop a parsimonious model of multi-asset speculative trading in which endowment shocks separate the on-the-run security from an otherwise...

My dissertation aims to explain two features of Asset Pricing: the “high tech bubble” and the return comovement anomaly.In Chapter One, I show that a generalized version of the standard neoclassical investment model can explain the relatively high equity prices in the late 1990s and early...

This dissertation studies the relationship between foreign direct investment (FDI), firmperformance and the exchange rate using a newly assembled dataset on transaction-specific mergers and acquisitions (M&A) and firm-level accounting data for U.S. public firms during 1979–2007. Acquiring...

This paper investigates the rationale behind interfirm tender offers by examining the returns realized by the stockholders of firms that were the targets of unsuccessful tender offers and firms that have made unsuccessful offers. Our results suggest that the permanent positive revaluation of the...

This paper examines the wealth impact of share repurchases that restrict participation to a particular sub-set of a firm's stockholders. Repurchases at a premium from insiders and small shareholders increase the wealth of non-participating stockholders and are therefore consistent with the...