◆ Remuneration, Retention, and Reputation Incentives for Outside Directors(David Y

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I study incentives received by outside directors in Fortune 500 firms from compensation,replacement, and the opportunity to obtain other directorships. Previous research has only shown these relations...

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2004-07-30

◆ Bond Insurance: What Is Special about Munis(Vikram Nanda &Rajdeep Singh )

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Close to 50% of municipal bonds are pre-packaged with insurance at the time of issue. We o®er a tax-based rationale for the emergence of third-party insurance of tax-exempt bonds.We argue that ins...

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2004-07-30

◆ Idiosyncratic Consumption Risk and the Cross-section of Asset Returns(Kris Jacob

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This paper investigates the importance of idiosyncratic consumption risk for the crosssectional variation in asset returns. We find that besides the rate of aggregate consumption growth, the cross-sec...

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2004-07-30

◆ Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analys

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We study the investment analyses of 67 portfolio investments by 11 venture capital (VC) firms. VCs describe the strengths and risks of the investments as well as expected post-investment actions. We c...

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2004-07-30

◆ The 52-week High and Momentum Investing(Thomas J. George&Chuan-Yang Hwang)

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When coupled with a stock’s current price, a readily available piece of information—the 52-week high price—explains a large portion of the profits from momentum investing. Nearness to the 52-wee...

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2004-07-30

◆ Correlated Trading and Location(Lei Feng and Mark S. Seasholes )

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This paper analyzes the trading behavior of stock market investors. Purchases and sales are highly correlated when we divide investors geographically. Investors who live near a firm’s headquarters r...

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2004-07-30

◆ Dividend Changes and the Persistence of Past Earnings Changes(Adam S. Koch & Amy

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We examine whether the market interprets changes in dividends as a signal about the persistence of past earnings changes. Prior to observing this signal, investors may believe that past earnings chang...

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2004-07-30

◆ Investment-cash Flow Sensitivities: Constrained versus Unconstrained Firms(Natha

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From the existing literature, it is not clear what effect financing constraints have on the sensitivities of firms’ investment to their cash flow. I propose an explanation that reconciles the...

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2004-07-30

◆ Cash and Corporate Control

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The takeover market is often suggested as appropriate for containing the agency problems of excessive corporate cash holdings. However, recent studies report contradictory evidence. I focus on the tak...

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2004-07-30

◆ Predictable Investment Horizons and Wealth Transfers among Mutual Fund Sharehold

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This study analyzes the distribution of investment horizons in a large, proprietary panel of all shareholders in one no-load mutual fund family. A proportional hazards model shows that there are obser...

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2004-07-30

◆ Forecast Dispersion and the Cross-section of Expected Returns(Timothy C. Johnson

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Recent work by Diether, Malloy, and Scherbina (2002) has established a negative relationship between stock returns and the dispersion of analysts’ earnings forecasts. I o®er a simple explanation...

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2004-07-30

◆ Why Do Firms Use Incentives That Have No incentive Effects(Paul Oyer)

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This paper illustrates why firms might choose to implement stock option plans or other pay instruments that reward “luck.” I consider a model where adjusting compensation contracts is costly and w...

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2004-07-30

◆ What Do Entrepreneurs Pay for Venture Capital Affiliation(David H. Hsu)

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This study empirically evaluates the certification and value-added roles of reputable venture capitalists (VCs). Using a novel sample of entrepreneurial startups with multiple financing offers, I ana...

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2004-07-30

◆ Tobin’s Q, Debt Overhang, and Investment(Christopher A. Hennessy)

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Incorporating debt in a dynamic real options framework, we show that underinvestment stems from truncation of equity’s horizon at default. Debt overhang distorts both the level and composition of in...

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2004-07-30

◆ The Timing of Option Repricing(Sandra Renfro Callaghan&P. Jane Saly )

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We investigate whether executive stock option repricings are systematically timed to coincide with favorable movements in the company’s stock price. For a sample of 236 repricing events, we observe...

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2004-07-30