The literature on conditional event-study methods criticizes standard event-study procedures
as being misspecified if events are voluntary and investors are rational. We argue, however…

Previous research finds the volatility implied by S&P 100 index option prices to be a biased
and inefficient forecast of future volatility and to contain little or no incremental information …

We study the online market for peer-to-peer (P2P) lending, in which individuals bid on
unsecured microloans sought by other individual borrowers. Using a large sample of …

Corporate finance decisions are not made at random, but are usually deliberate decisions
by firms or their managers to self-select into their preferred choices. This chapter reviews …

We analyze institutional allocation in initial public offerings (IPOs) using a new data set of
US offerings between 1997 and 1998. We document a positive relationship between …

Fama and French ( 2001a ) show that the propensity to pay dividends declines significantly
between 1978 and 1999. We examine this “disappearing dividends” puzzle through the lens …

We examine how firms redraw their boundaries after acquisitions using plant-level data. We
find that there is extensive restructuring in a short period following mergers and full-firm …

We examine firms that reprice their executive stock options and find little evidence that
repricing reflects managerial entrenchment or ineffective governance. Repricing grants are …

This paper asks whether dissent votes in uncontested director elections have consequences
for directors. We show that contrary to popular belief based on prior studies, shareholder …

While folklore in finance holds that split valuation effects are due to dividend increases
associated with splits, little is known about magnitudes of dividend and nondividend components …