Using a unique dataset of more than 14,000 senior homeowners in the U.S., this study compares self-assessed home values to arm's length contemporaneous appraisals. In a sample of seniors who received counseling for a reverse mortgage, the absolute value of the assessment error averages 18.9...

Existing research has documented the role that CEOs, and especially CEO regulatory focus, play in shaping firm strategy. Yet, the impact of CEOs is constrained by that of the other executives in the firm, and the strategic leadership literature has repeatedly called for more research that...

We consider a model of network interactions where the outcome of a unit depends on the outcomes of the connected units. We determine the key network link, i.e., the network link whose removal results in the largest reduction in the aggregate outcomes, and provide a measure that quantifies the...

Using project-level data on changes in firms’ investments of IPO proceeds around deaths, term limits, and mandatory retirements of local politicians, this paper studies corporate investment as a novel channel of political activity. Following exogenous turnovers of provincial governors in...

Strategic alliance research has shown that national cultural similarity between partner firms has a positive influence on cross-border alliance formation and performance. Yet, cultural similarity can also give rise to in-group favoritism that leads partner firms of similar cultural backgrounds...

While reverse mortgages are intended as a tool to enable financial security for older homeowners, in 2014, nearly 12 percent of reverse mortgage borrowers in the federally insured Home Equity Conversion Mortgage (HECM) program were in default on their property taxes or homeowners insurance....

Using a plausibly exogenous shock to performance disclosure frequency by listed brokerage houses in China, we examine the impact of disclosure frequency on the quality of information production. Difference-in-difference estimation shows that analysts affiliated with listed brokerage houses...

As part of its banking reform, China is standardizing the practice of boards of directors and giving a full play to their decision-making and board oversight function. This paper helps to predict the effect of such effort by examining the relation between board governance structure and...

While prior research on shareholder activism has highlighted how such activism can economically benefit the shareholders of targeted firms, recent studies also suggest that shareholder activism can economically disadvantage non-shareholder stakeholders, notably employees. Our study extends this...

The optimal hedging model has become the standard theoretical model of normative hedging behavior due to its intuitive tradeoff of expected return with risk, its effcient use of information and its easy implementation. In practice, the model can be easily implemented with the Parameter Certainty...