Showing 31 - 38 of 38
Persistent link: https://www.econbiz.de/10010026827
This paper analyzes retirement timing decisions of DC pension plan members. In a first step, a model of optimal retirement timing decisions is proposed which incorporates the optimal time to annuitize the DC pension wealth. An individual obtains utility from leisure, labor income before...
Persistent link: https://www.econbiz.de/10013028565
By comparing the trading behavior of individual investors in different market conditions, this paper tests the theory that attribution bias - inflated confidence in one's own skill - creates overconfident traders. In a bull market, investors incorrectly attribute trading successes (luck) to...
Persistent link: https://www.econbiz.de/10013091873
We find that hedge funds’ ETF option positions predict cross-sectional differences in the future volatility of underlying ETFs. The predictive power is strongest for straddle positions and non-equity ETFs. A tracking portfolio of straddles based on funds’ straddle positions earns quarterly...
Persistent link: https://www.econbiz.de/10014238958
We find a negative relation between hedge fund manager’s personal income tax rates and fund performance. Using changes in tax deferral regulation or state-level tax rates suggest causality in the tax-performance relation. Managers are less likely to hold stocks with greater information...
Persistent link: https://www.econbiz.de/10013217801
Exploiting an exogenous disclosure rule change and the unique dual-class share system in China, this study tests whether improved information disclosure leads to higher executive compensation. Consistent with the theoretical prediction in Hermalin and Weisbach (2012), we find that after China...
Persistent link: https://www.econbiz.de/10012938341
We explore whether style investing by mutual fund investors contributes to return comovement of stocks in the same style, classified by market capitalization and book-to-market ratio. We find that a stock's comovement with other stocks in its style is significantly greater when this stock is...
Persistent link: https://www.econbiz.de/10012940653
We explore whether style investing by mutual fund investors contributes to return comovement of stocks in the same style, classified by market capitalization and book-to-market ratio. We find that a stock’s comovement with other stocks in its style is significantly greater when this stock is...
Persistent link: https://www.econbiz.de/10014349586