This paper examines long-horizon stock returns around hedge fund activism in a comprehensive sample of 13D filings by portfolio investors between 1993 and 2006. Abnormal returns surrounding investor activism are high for the subset of targets that are acquired ex-post, but not detectably different from zero for targets that remain...
The central insight of asset pricing is that a security's value depends on both its distribution of payoffs across economic states and state prices. In fixed income markets, many investors focus exclusively on estimates of expected payoffs, such as credit ratings, without considering the state of the economy in which...
This paper considers the risk management problem of an investor who holds a diversified portfolio of global equities or bonds and chooses long or short positions in currencies to manage the risk of the total portfolio. Over the period 1975-2005, we find that a risk-minimizing global equity investor should short...
In this paper we use highly disaggregated data on trade in capital goods to study differences in the price of capital across countries. Our strategy is motivated by the fact that most countries import the bulk of machinery equipment from a small number of industrialized countries. We find the price...
This paper develops a model for understanding liquidity via the pricing of limit orders. Limit orders can be well defined and priced with the tools of option pricing, allowing the complex tradeoff between transaction size and speed to be reduced to a single price. The option-based framework allows the properties...
We develop an analytical solution to the dynamic portfolio choice problem of an investor with power utility defined over wealth at a finite horizon who faces an investment opportunity set with time-varying risk premia, real interest rates and inflation. The variation in investment opportunities is captured by a flexible vector...
Existing evidence suggests that preferences are affected by whether a price is presented as one all-inclusive expense or partitioned into a series of charges. To explain this phenomenon, we propose a simple psychological mechanism whereby price format determines how many product attributes are actively processed at the time of valuation....
Firms can manipulate their stock price by restricting the tradable float. When risk averse investors have differences of opinion and are short-sale constrained, reductions in the float freeze out pessimistic investors, pushing up prices. When the float is released, prices fall. To formally test this idea, the author examines a...
Savings Bonds have always served multiple objectives: funding the U. S. government, democratizing national financing, and enabling families to save. Increasingly, this last goal has been ignored. A series of efficiency measures introduced in 2003 make these bonds less attractive and less accessible to savers. Public policy should go in...
We study the incentives of complementors producers of complementary products to cooperate vs. compete and how these interact. In a system of complements, like the PC, the value of the final product depends on how well the different components work together. This, in turn, depends on the firms' investment in...
A fast exploratory framework for extracting cardiac noise signals contained in rest-case fMRI images is presented. Highly auto-correlated, independent components of the input time series are extracted by applying Canonical Correlation Analysis in the time domain. A close correspondence between some of these components and cardiac noise contributions is established....
This SPL paper discusses and provides details of image acquisition and image processing tools, in addition to region of interest ROI definitions for the brain regions often used in schizophrenia research. The ROI definitions are based on several different studies that span over several years. Thus with improved spatial resolution...
GLADSTONE, N.J. -- Peapack-Gladstone Financial Corporation (AMEX:PGC) and Peapack-Gladstone Bank proudly announce the appointment of Mr. Finn M.W. Caspersen, Jr. to executive vice president and general counsel. Mr. Caspersen joined Peapack-Gladstone Bank in 2004 as senior vice president and chief corporate risk manager. Mr. Caspersen graduated with a...
TULSA, Okla. -- 3DIcon Corporation (OTCBB: TDCP), a development-stage technology company, today announced the appointment of Victor Keen to its board of directors. Mr. Keen is a significant shareholder in 3DIcon and currently serves on the board of directors of Research Frontiers, Inc. (NASDAQ: REFR). He has extensive experience in...
LITTLE FALLS, N.J. -- CANTEL MEDICAL CORP. (NYSE:CMN) Announced the appointment of Mark N. Diker to fill the vacancy created by the resignation of Dr. Spencer Foreman as a director on June 25, 2007. Mr. Diker is co-founder of Diker Management LLC, a registered investment adviser which focuses on healthcare...
College students looking to impress futureemployers by demonstrating their true knowledge of the stock market andinvesting have found a venue to prove their worth: www.theupdown.com . Thenew website, launched by three Harvard University students, providesstudents an arena to learn about real-time investing, improve theirfinancial skills and win cold hard...
Jonathan Davis says that if Britain's ancient universities want to remain world-class, they should take tutorials from Harvard and Yale in how to invest their endowments Devotees of the diaries of Harold Nicolson and Alan Clark will feel that they know the cramped apartments at the Albany in...
Baruch College announced the appointment of Jack S. Nyman as director of the Steven L. Newman Real Estate Institute. Nyman comes to the Newman Institute as a graduate from Harvard University where he was most recently an International Visiting Research Fellow. He was previously president and...
Public employee pension funds have begun to embrace the pay-for-performance approach, common in corporate America and in the institutional investment management world. Some 60% to 70% of the 10 largest public pension systems might offer incentive pay, according to David A. Morris, managing partner,...
Byline: Barry B. Burr Dartmouth College, Harvard University, Stanford University and Williams College received the highest overall grades for performance of the investment policies and practices of their endowments in the first-ever College Sustainability Report Card, issued Jan. 24 by the Sustainable Endowments...
Articles 2007-02-05
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