This paper uses daily fund flow data to examine the extent of late trading in the mutual fund industry. Using data from a 10-15 percent subsample of the industry, I find annual long-term shareholder losses due to late trading of about 5 basis points in international equity funds and 0.6 basis...

The authors argue that emotions characterized by certainty appraisals lead to heuristic information processing, while emotions characterized by uncertainty appraisals lead systematic information processing. The firs study demonstrated that participants who are induced to feel emotions...

We study the evolution of industries in terms of three interrelated key themes that together form an analytical lens. The first theme--strategy and strategic dynamics--raises the question of how companies can gain, sustain, or regain profitable growth in the face of various types of strategic...

The central argument for increasing the number of women on corporate boards of directors has been the so-called "business case for diversity" which proposes that women and minorities add valuable new perspectives that result in enhanced corporate performance. Unfortunately, the empirical...

This paper explores how the quality of information available to voters influences the choices they make in the polling booth and in turn affects the strategies of political parties competing for their support. To do so, the paper builds a model of redistributive politics under asymmetric...

This study examines the effects of shareholder support for equity compensation plans on subsequent chief executive officer (CEO) compensation. Using cross-sectional regression, instrumental variable, and regression discontinuity research designs, we find little evidence that either lower...

When subjects interact in continuous time, their ability to cooperate may dramatically increase. In an experiment, we study the impact of different time horizons on cooperation in (quasi) continuous time prisoner's dilemmas. We find that cooperation levels are similar or higher when the horizon...

Prequential testing of a forecaster is known to be manipulable if the test must pass an informed forecaster for all possible true distributions. Stewart (2011) provides a non-manipulable prequential likelihood test that only fails an informed forecaster on a small, category I, set of...

We examine a duopoly where one of the firms does not maximize profit, but instead maximizes customer surplus subject to a profit constraint. (Customer surplus for a firm is the sum of its customers' individual consumer surpluses, i.e., the dollar value the customer attaches to the product minus...