We provide evidence that bears on the impact of deregulation that removes impediments to integration of investment banking and commercial banking functions. At issue is whether close relationships between commercial banks and investment banks give rise to conflicts of interest and enhanced...

We study the relation between institutionalization of capital and the reliance on public markets by corporations and investors. Country-level evidence indicates that capital under institutional management (ownership by mutual funds, pension funds, and insurance companies) is negatively related...

We study the relation between institutionalization of capital and the reliance on public markets. Evidence indicates that for developed and developing countries capital under institutional management (mutual funds, pension funds, and insurance companies) is negatively related to the number of...

We test hypotheses regarding risk taking behavior of competitors in settings characterized by one-on-one, single elimination tournaments. We draw data from 579 professional golf matches and over 18,000 holes from 2003-2013 in tournaments where match-play scoring is used rather than stroke-play....

We analyze the socially responsible investing (SRI) practices of US colleges and universities. While SRI may appear inconsistent with the fiduciary duty of university trustees, certain practices may be appropriate if they align with the mission and enhance the “brand.” Alternatively, SRI may...

We use a database of recent high-technology IPOs to estimate opportunity cost of capital for venture capital investors and entrepreneurs. Entrepreneurs face the risk-return tradeoff of the CAPM as the opportunity cost of holding a portfolio that necessarily is underdiversified. We model the...

We develop theory and evidence related to opportunity cost of capital for venture capital investors and entrepreneurs. New venture investment involves a financial contract between an entrepreneur and outside investors. Investment managers, such as venture capital firms, represent investors who...

Our evidence points to an inconsistency between the efficient markets hypothesis and the way U.S. courts have applied the hypothesis in cases involving allegations of fraud on the market. Based on a sample of securities class action cases, we find that (1) some cases certified for class action...