Recent trends in shareholder empowerment have spurred a heated debate whether empowered shareholders will ultimately cure corporate ills or adversely affect corporate fortunes. While some scholars claim that further strides in empowering shareholders will improve managerial accountability and...

The genesis of MiFID I initiated a fierce scholarly debate on the following question: does MiFID dictate private enforceability of the rules embedded in the directive? More specifically, under general reference to the effet utile doctrine, certain authors have argued that MiFID requires member...

Recent literature shows that hedge fund activism creates value for shareholders and substantially changes target firms. Sell-side analysts, however, produce analysis and generate ideas to buy-side clients including hedge funds. We investigate whether and how sell-side analyst reports affect...

Hedge fund managers' risk-taking choices are determined by their compensation structure. Most existing studies focus on how the incentive fee and the high-water mark provision affect managers' risk-taking. We build a simple model to show that managers' risk-taking is negatively related to their...

We examine the participation of analysts from different buy-side institutions (hedge funds, mutual funds, and RIAs) in public earnings conference calls and the associated capital market implications. Using approximately 81,000 conference call transcripts for 3,300 companies from 2007 to 2016, we...

Marketplace lending and investing have been recently attracting increasing regulatory attention. However, regulatory responses to such phenomenon have been extremely varied, even in Europe, characterized by maximum harmonization in the field of financial regulation, continuous efforts in...

We extend the literature by investigating whether analysts cater their coverage to investor information demand. Results suggest that analysts' coverage is contemporaneously positively associated with investor information demand, and negatively associated with the previous time periods...

This study examines whether the celebrity or star status of a chief executive officer (CEO) affects the informativeness of his insider trades. Using three different measures to identify star CEOs in a sample of S&P 1500 firms, we find that trades of non-star CEOs predict future abnormal returns...

We analyze hedge fund performance before “birth” (i.e., the date on which a fund begins to self-report to commercial databases) and after “death” (i.e., the date on which a fund ceases to self-report to commercial databases). We find that funds initiate reporting after an extended period...