We provide new evidence on IPOs over the industry life cycle. Less innovative, financially constrained firms seek public equity earlier in an industry's life cycle. Moreover, average profitability of early IPOs is lower when more private capital flows to the industry early in its growth phase....

We use a modified corporate risk management framework (e.g., Froot and Stein, 1998) to understand how inefficient risk sharing between firms and employees leads to aggressive investment policies of defined corporate pensions as well as their declining popularity. For reasonable parameter values,...

I document a strong cross-predictability of stock returns driven by institutional investors' private information about firms' fundamental relations. A value-weighted arbitrage portfolio yields a monthly alpha of 1.65%. The magnitude of predicted returns increases with firm size, number of...

The purpose of this study was to examine the trend of Defined Contribution (DC) plan deferral before and after the Great Recession. The investment principle of “buying when prices are low” suggests that DC plan deferral should increase during years when portfolio returns are low. The...

Existing studies find that measures of the distinctiveness of equity mutual fund investments are no longer significantly associated with fund performance in recent periods. We propose a new measure of fund distinctiveness by using peer stocks as benchmarks for fund holdings. This new...

Existing studies find that measures of the distinctiveness of equity mutual fund investments are no longer significantly associated with fund performance in recent periods. We propose a new measure of fund distinctiveness by using peer stocks as benchmarks for fund holdings. This new...