I use a sample of closed-end funds to examine how takeover defenses impact shareholder value and promote managerial entrenchment. These funds use the same defenses as general corporations but provide an ideal, homogeneous environment for testing their effects. Defenses are associated with lower...

Previous literature disagrees on the impact of board independence on firm value. The disagreement generally stems from the endogenous nature of board appointments. I add new evidence to this discussion by using a sample of closed-end funds to document the value-enhancing effects of independent...

Can firsthand experiences provide valuable information that affects investment decisions? We test this question using a unique dataset containing the stock research activities of patrons of Las Vegas casino hotels. Unsurprisingly, we find that these investors display a strong interest in...