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...
NEEDHAM, Mass., Sept. 23 /PRNewswire/ -- EH&E (http://www.eheinc.com/), a leading provider of environmental and engineering consulting services, has announced the expansion of its sustainability in higher education services to help colleges and universities meet their campus sustainability goals. The company also announced that Mike Crowley, formerly of...
PHOENIX -- Apollo Group, Inc. (Nasdaq:APOL) ("Apollo Group," "Apollo" or "the Company") today announced the appointment of Charles "Chas" B. Edelstein as Chief Executive Officer and Director, effective August 26, 2008. Apollo's founder, Dr. John G. Sperling, continues to act as Executive Chairman of the Board of...
NEW YORK -- Allianz Global Investors, the asset management arm of Allianz SE (NYSE: AZ), announced today the addition of Brian Gaffney, formerly of Lehman Asset Management/Neuberger Berman, to the management team of its U.S. Retail business. This addition provides for greater focus and oversight, allowing the...
Eva Hoffman was a budding pianist before her family had to leave Poland for Canada. Fifty years on, she tells Matthew J Reisz how recitals and romance fill her new book Eva Hoffman's novel, Illuminations, is a love story and a novel of...
HOUSTON -- Tudor, Pickering, Holt & Co., LLC, the energy investment and merchant banking firm, today announced that TPH Partners, LLC, its private investment subsidiary has named four senior advisors: Francis S. Kalman, Richard H. Lewis, Steven J. Shapiro, and Joel V. Staff. These seasoned industry leaders...
LONG ISLAND CITY, N.Y. -- New York City Outward Bound announced today that Fiona Hollands, an independent education researcher, Andrew Drew Lipsher, partner at Greycroft LLC, Jason Rapp, CEO of Gifts.com an InterActive Corp. IAC company, and Reggie Williams, senior vice president, music strategy at MTV Networks,...
Law Firm Announces New Partners in New York Office's Tax; Litigation, Intellectual Property Litigation, Investment Funds, Advisers and Derivatives, Insurance and Structured Finance and Securitization Practices NEW YORK -- Seven lawyers in the New York office of Sidley Austin LLP are among the 34 lawyers...
Law Firm Announces New Partners in Chicago Office's Insurance, Investment Funds, Advisers and Derivatives, Products Liability, Litigation, Tax, Bankruptcy/Corporate Reorganization, Corporate and Labor, Employment and Immigration Practices CHICAGO -- Eleven lawyers in the Chicago office of Sidley Austin LLP are among the 34 lawyers elevated...
Articles 2008-06-24
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