This paper establishes a robust link between the trading behavior of institutions and the book-to-market effect. Building on work by Daniel and Titman (2006), who argue that the book-to-market effect is driven by the reversal of intangible returns, I find that institutions tend to buy (sell)...

This paper ?nds that fund herding, de?ned as the tendency of a mutual fund to follow past aggregate institutional trades, is an important predictor of mutual fund performance. Examining actively managed U.S. equity mutual funds over the period 1990-2009, we ?nd that funds with a higher herding...

We propose a new measure of time-varying tail risk that is directly estimable from the cross section of returns. We exploit firm-level price crashes every month to identify common fluctuations in tail risk across stocks. Our tail measure is significantly correlated with tail risk measures...

In the past 15 years, Delaware courts seem to have created a rule that allowed sophisticated parties to contract around fraud by using an unambiguous disclaimer and integration clause. Supposedly, an extra-contractual fraud claim would be dismissed had there been an unambiguous disclaimer....

Western contract law and the principle of freedom of contract are based on two premises: private ownership and a free market. This paper argues that freedom of contract is not applicable to Chinese state-owned enterprises due to the unique economic conditions surrounding Chinese SOEs:...

The Chinese Civil Code was enacted on May 28, 2020 and will become effective on January 1, 2021 as the first civil code in the Communist China. Half a century of codification effort finally resulted in this much anticipated code. It utilized state-of-the-art codification techniques and presents...