This research is the first to examine the empirical predictions of a real option-pricing model using a large sample of data on mergers and acquisitions in the European Banking industry. We find empirical support for a model that estimates the value of an option to wait in accepting an initial...

This research is the first to examine the empirical predictions of a real option-pricing model using a large sample of data on mergers and acquisitions in the European banking industry. We find empirical support for a model that estimates the value of an option to wait in accepting an initial...

This study investigates the intra-industry effects of environmental and social (ES) scandals in China. We find that, on average, rivals experience a significant decline in stock prices during the scandal announcements. Further, with a novel and comprehensive dataset, we document a significant...

This paper investigates the relationship between a dealer’s network and their ability to survive in the market using a dataset of 19th-century English art transactions. We find that dealers who purchased artworks from central sellers, and thus developed high hub centralities, survived in the...

This paper finds statistically significant evidence that adopting Director Nomination Eligibility Criteria (DNEC) mitigates stock price crash risk. We hand-collect whether a firm adopts DNEC or not from thousands of Chinese corporate charters and measure its impact on stock price crash risk over...

This paper provides highly significant evidence that golden parachutes spur innovation in concentrated-ownership corporations and State-Owned-Enterprises (SOEs). Taking advantage of China's institutional features, we find that golden parachutes lead to higher levels of innovation quantity and...

To date little attention has been paid to how social cognitive bias can influence how financial advisors interpret and respond to the needs of millionaire investors, and if this varies depending on the gender of the investor. This research investigates whether experienced professional financial...

We provide evidence for the behavioral biases of anchoring and loss aversion in paintings sold at auction. We find that anchoring is more important for items that are resold quickly, and that the effect of loss aversion increases with the time that a painting is held. This evidence contributes...