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Working Papers

In support of our mission to promote excellence in financial economics research, the following is an aggregation of the working research being conducted and investigated:

Bullet 2014

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Bullet 2013

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2013-18:
  • Sub-Penny and Queue-Jumping
    Sabrina Buti, Francesco Consonni, Barbara Rindi, and Ingrid Werner
2013-19:
  • Is sell-side research more valuable in bad times?
    Roger K. Loh and René Stulz
2013-20:
  • Disentangling Financial Constraints, Precautionary Savings, and Myopia: Household Behavior Surrounding Federal Tax Returns
    Brian Baugh, Itzhak Ben-David, and Hoonsuk Park

Bullet 2012

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Bullet 2011

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Bullet 2009

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Bullet 2010

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Bullet 2008

2008-1:
  • How much do banks use credit derivatives to hedge loans?
    Bernadette Minton, René M. Stulz, and Rohan Williamson
2008-2:
  • Investor inattention and the underreaction to stock recommendations
    Roger Loh
2008-3:
  • Diversification, Productivity, and Financial Constraints: Empirical Evidence from the US Electric Utility Industry?
    Mika Goto, Angie Low, and Anil K. Makhija
2008-4:
  • The Changing Nature of Chapter 11
    Sreedhar T. Bharath, Venky Panchapegesan, and Ingrid Werner
2008-5:
  • Shareholder Rights, Boards, and CEO Compensation
    Rüdiger Fahlenbrach
2008-6:
  • Off but Not Gone: A Study of Nasdaq Delistings
    Jeffrey H. Harris Venkatesh Panchapegesan, and Ingrid Werner
2008-7:
  • Commodity price exposure and ownership clienteles
    Phil Davies, Bernadette Minton, and Catherine Schrand
2008-8:
  • Hedge fund contagion and liquidity
    Nicole M. Boyson, Christof W. Stahel, and René M. Stulz
2008-9:
  • Estimating the Effects of Large Shareholders Using a Geographic Instrument (revised 04/09)
    Bo Becker, Henrik Cronqvist, and Rüdiger Fahlenbrach
2008-10:
  • Why do firms appoint CEOs as outside directors?
    Rüdiger Fahlenbrach, Angie Low, and René M. Stulz
2008-11:
  • What Determines the Structure of Corporate Debt Issues?
    Brandon Julio, Woojin Kim, and Michael S. Weisbach
2008-12:
  • Thriving in the midst of financial distress? An analysis of firms exposed to asbestos litigation
    Jérôme Ph. A. Taillard
2008-13:
  • Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization
    René M. Stulz
2008-14:
  • Why Do Foreign Firms Leave U.S. Equity Markets? An Analysis of Deregistrations Under SEC Exchange Act Rule 12h-6
    Craig Doidge, G. Andrew Karolyi, and René M. Stulz
2008-15:
  • Why are Buyouts Levered? The Financial Structure of Private Equity Funds
    Ulf Axelson, Per Strömberg, and Michael S. Weisbach
2008-16:
  • Corporate Financial and Investment Policies when Future Financing is not Frictionless
    Heitor Almeida, Murillo Campello, and Michael S. Weisbach
2008-17:
  • Information Disclosure and Corporate Governance (revised 08/09)(revised 06/10)(revised01/30/11)
    Benjamin E. Hermalin and Michael S. Weisbach
2008-18:
  • Risk Management Failures: What Are They and When Do They Happen?
    René M. Stulz
2008-19:
  • Estimating Affine Multifactor Term Structure Models Using Closed-Form Likelihood Expansions (revised 05/09)(revised 07/09)
    Robert Kimmel
2008-20:
  • Does Mandatory Loan Review Affect Mortgage Contract Choice and Performance? (revised 04/2011 and 06/09)
    Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas D. Evanoff
2008-21:
  • The Role of Boards of Directors in Corporate Governance: A Conceptual Framework & Survey (revised 04/09)
    Renée Adams, Benjamin E. Hermalin and Michael S. Weisbach
2008-22:
  • Investor Demand for Industry Factor Price Exposure (revised 06/10)
    Phil Davies, Bernadette Minton, and Catherine Schrand
2008-23:
  • Discussion of ‘A Lobbying Approach to Evaluating the Sarbanes-Oxley Act of 2002’
    G. Andrew Karolyi
2008-24:
  • Changing Times: The Pricing Problem in Non-Linear Models
    Robert Kimmel
2008-25:
  • Pricing Kernels with Coskewness and Volatility Risk (revised 03/09)
    Fousseni Chabi-Yo

Bullet 2007

2007-1:
  • Does Corporate Culture Matter for Firm Policies?
    Henrik Cronqvist, Angie Low, and Mattias Nilsson
2007-2:
  • A Note on the Dai-Singleton Canonical Representation of Affine Term Structure Models (revised 09/08)
    Patrick Cheridito, Damir Filipovic, and Robert L. Kimmel
2007-3:
  • Hedge Funds: Past, Present, and Future
    René M. Stulz
2007-4:
  • Former CEO Directors: Lingering CEOs or Valuable Resources? (revised 08/10)(revised 01/10)(revised 09/08)
    Rüdiger Fahlenbrach, Bernadette A. Minton, and Carrie H. Pan
2007-5:
  • The Impact of Shareholder Power on Bondholders: Evidence from Mergers and Acquisitions
    Angie Low, Anil K. Makhija, and Anthony B. Sanders
2007-6:
  • Complex Times: Asset Pricing and Conditional Moments under Non-Affine Diffusions (revised 08/08)
    Robert L. Kimmel
2007-7:
  • Do Entrenched Managers Pay Their Workers More?
    Henrik Cronqvist, Fredrik Heyman, Mattias Nilsson, Helena Svaleryd, and Jonas Vlachos
2007-8:
  • Why do private acquirers pay so little compared to public acquirers?
    Leonce Bargeron, Frederik Schlingemann, René M. Stulz, and Chad Zutter
2007-9:
  • Has New York become less competitive in global markets? Evaluating foreign listing choices over time
    Craig Doidge, G. Andrew Karolyi, and René M. Stulz
2007-10:
  • The Impact of Competition and Corporate Structure on Productive Efficiency: The Case of the U.S. Electric Utility Industry, 1990-2004
    Mika Goto and Anil K. Makhija
2007-11:
  • Fairness Opinions in Mergers and Acquisitions
    Anil K. Makhija and Rajesh P. Narayanan
2007-12:
  • Managerial ownership dynamics and firm value (revised 01/08)
    Rüdiger Fahlenbrach and René M. Stulz
2007-13:
  • Fundamentals, Market Timing, and Seasoned Equity Offerings
    Harry DeAngelo, Linda DeAngelo, and René Stulz
2007-14:
  • Differences in Governance Practice between U.S. and Foreign Firms: Measurement, Causes, and Consequences
    Reena Aggarwal, Isil Erel, René Stulz, and Rohan Williamson
2007-15:
  • An Assessment of Terrorism-Related Investing Strategies
    G. Andrew Karolyi
2007-16:
  • Common Patterns in Commonality in Returns, Liquidity, and Turnover around the World
    G. Andrew Karolyi, Kuan-Hui Lee, and Mathijs A. van Dijk
2007-17:
  • Do Funds Need Governance? Evidence from Variable Annuity-Mutual Fund Twins
    Richard Evans and Rüdiger Fahlenbrach
2007-18:
  • Relationships, Corporate Governance, and Performance: Evidence from Private Placements of Common Stock (revised 05/08)
    Karen H. Wruck and YiLin Wu

Bullet 2006

2006-1:
  • Is there hedge fund contagion?
    Nicole M. Boyson, Christof W. Stahel, and René M. Stulz
2006-2:
  • Co-Movements of Index Options and Futures Quotes (revision 2005-10)
    Rüdiger Fahlenbrach and Patrik Sandås
2006-3:
  • The Accrual Anomaly: Risk or Mispricing?
    David Hirshleifer, Kewei Hou, Siew Hong Teoh
2006-4:
  • Merton Miller
    René M. Stulz
2006-5:
  • Price and Volatility Transmission across Borders
    Louis Gagnon and G. Andrew Karolyi
2006-6:
  • The Consequences of Terrorism for Financial Markets: What Do We Know?
    G. Andrew Karolyi
2006-7:
  • How has CEO Turnover Changed? Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOs
    Steven N. Kaplan and Bernadette A. Minton
2006-8:
  • Investor Overreaction, Cross-Sectional Dispersion of Firm Valuations, and Expected Stock Returns
    Danling Jiang
2006-9:
  • What Factors Drive Global Stock Returns?  (Current Version: January 2011)
    Kewei Hou, G. Andrew Karolyi, and Bong-Chan Kho
2006-10:
  • The World Price of Liquidity Risk
    Kuan-Hui Lee
2006-11:
  • Information, Trading Volume, and International Stock Return Comovements: Evidence from Cross-listed Stocks (updated 02/07)
    Louis Gagnon and G. Andrew Karolyi
2006-12:
  • Financial globalization, governance, and the evolution of the home bias
    Bong-Chan Kho, René M. Stulz, and Francis E. Warnock
2006-13:
  • It’s SHO Time! Short-Sale Price-Tests and Market Quality (updated 08/07)
    Karl B. Diether, Kuan-Hui Lee, and Ingrid M. Werner
2006-14:
  • Large Shareholders and Corporate Policies
    Henrik Cronqvist and Rüdiger Fahlenbrach
2006-15:
  • Enterprise Risk Management: Theory and Practice
    Brian Nocco and René M. Stulz
2006-16:
  • Advertising and Portfolio Choice
    Henrik Cronqvist
2006-17:
  • Why do U.S. firms hold so much more cash than they used to? (updated 03/07)
    Thomas W. Bates, Kathleen M. Kahle, and René M. Stulz
2006-18:
  • Subordinations Levels in Structured Financing
    Xudong An, Yongheng Deng, and Anthony B. Sanders
2006-19:
  • The Effect of Bank Mergers on Loan Prices: Evidence from the U.S. (updated 12/07)
    Isil Erel
2006-20:
  • Managerial Risk-Taking Behavior and Equity-Based Compensation
    Angie Low
2006-21:
  • The Economics of Conflicts of Interest in Financial Institutions
    Hamid Mehran and René M. Stulz
2006-22:
  • List Prices, Sale Prices, and Marketing Time: An Application to U.S. Housing Markets
    Donald R. Haurin, Jessica L. Haurin, Taylor Nadauld, and Anthony B. Sanders
2006-23:
  • R2 and Price Inefficiency
    Kewei Hou, Lin Peng, and Wei Xiong
2006-24:
  • Commercial Mortgage-backed Securities (CMBS) Terminations, Regional and Property-Type Risk
    Yongheng Deng, John M. Quigley, and Anthony B. Sanders
2006-25:
  • Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth
    Reena Aggarwal, Isil Erel, René Stulz, and Rohan Williamson