It is well known that governments have direct control over much of the energy sector through National Oil Companies (NOCs). Much less understood are the determinants and consequences of government connections of their stock exchange listed counterparts, Public Oil & Gas Companies (POCs). This...

We investigate the role of CEO incentives around asset restructuring known as corporate spin-off. More specifically, we focus on executive stock option delta and vega vis-à-vis changes in firm value and firm riskiness in response to the corporate spin-off. Controlling for self-selection of the...

Researchers in finance and adjacent fields have increasingly been working with textual data, a common challenge being analyzing the content of a text. Traditionally, this task has been approached through labor- and computation-intensive work with lists of words. In this paper we compare word...

Do sophisticated investors exhibit a stronger “smart money” effect than unsophisticated ones? In this paper, I examine whether fund selection ability of institutional mutual fund investors is better than that of retail mutual fund investors. In line with the studies of Gruber (1996), Zheng...