We use the introduction of the Unicorn nomenclature to reference venture-backed firms with valuations in excess of $1 billion to examine how firm categorization influences investor demand and retail trade activity during IPO price formation. We predict and find evidence to suggest that the...

CEO successions represent critical junctures for firms. Although extant research explores the performance consequences resulting from different succession types, what remains underexplored is what happens when the firm rehires a former CEO (e.g., a “boomerang CEO”). Using a sample of over...

This paper investigates whether greater competition increases or decreases individual bank and banking system risk. Using a new text-based measure of competition, and an instrumental variables analysis that exploits exogenous variation in bank deregulation, we provide robust evidence that...

Contrary to the guidance provided by regulators and industry associations suggesting that mortgage servicing rights (MSRs) be recorded as Level 3 assets, Altamuro and Zhang identify that 25% of banks classify them as Level 2 assets. This variation in the asset classification of a single asset...

We examine the period over which banking authorities discussed, adopted, and implemented Basel III to understand whether, when, and how firms respond to proposed regulation. We find evidence to suggest that the affected banks not only lobbied rule makers against it, but these banks also made...

We examine whether textual attributes of firms' regulatory filings reflect CEO characteristics and whether investors consider this relation when assessing firm value. We build on prior research that shows founders have unique personality attributes, particularly overoptimism. We find that 10-K...

Much research finds evidence of a “founder premium” – i.e., that founder leadership is positively associated with both the valuations and stock performance of public firms. However, this empirical finding is puzzling as it appears mismatched with management theory suggesting that...

Research and practice suggest that co-founded ventures outperform solo-founded ventures on average. Yet, little work has explored the conditions under which solo founding might be possible or even preferable to co-founding. Combining an inductive case-oriented analysis with a Qualitative...