Using a sample of stocks experiencing large price changes in 40 countries over 20 years, we investigate the association between investors' traits that vary by national culture – overconfidence, conservatism, and risk tolerance – and proposed theoretical explanations for short-term equity...

We derive and test empirically a robust one-factor asset pricing model consistent with the multiple-priors approach of the ambiguity literature. The robust CAPM can explain the cross-section of expected U.S. stock returns without the need for additional risk factors. Further, observed anomalies...

We present evidence that share repurchases reduce investment inefficiencies related to short-term investors. Using U.S. data from 1988 to 2018, we first document that stock buybacks are associated with lower long-term investments. However, contrary to popular perception that buybacks sacrifice...

We show that CEOs’ social capital has a positive impact on stock price informativeness in an international sample of 69 countries. While considering characteristics not observable within one country such as legal, cultural, and developmental differences, we uncover that for more developed...

The Middle East economies and their respective capital markets are a unique combination of extremes—from the vibrant, trade-based United Arab Emirates and resource rich Kuwait and Qatar to ones that are currently experiencing challenging times, such as Iraq and Lebanon.This brief covers the...

We investigate the association between CEOs’ social capital and stock price informativeness in a sample of US firms. After accounting for the fact that larger networks attract more analysts following, we find that firms with larger CEO social capital exhibit higher private information...

Defined outcome Exchange Traded-Funds (ETFs) are investment vehicles that use complex options-based strategies to produce a defined outcome for investors over a predefined period. Buffers and caps are created with options to structure an attractive payoff attained only at the end of an outcome...