• Publications
  • Influence
Hedge Fund Activism, Corporate Governance, and Firm Performance
Using a large hand-collected data set from 2001 to 2006, we find that activist hedge funds in the United States propose strategic, operational, and financial remedies and attain success or partialExpand
  • 1,068
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Payout Policy in the 21st Century
We survey 384 CFOs and Treasurers, and conduct in-depth interviews with an additional two dozen, to determine the key factors that drive dividend and share repurchase policies. We find that managersExpand
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Is the Abnormal Return Following Equity Issuances Anomalous
We examine whether a distinct equity issuer underperformance anomaly exists. In a sample of initial public o!ering (IPO) and seasoned equity o!ering (SEO) "rms from 1975 to 1992, we "nd thatExpand
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The Role of Lockups in Initial Public Offerings
In a sample of 2,794 initial public offerings (IPOs), we test three potential explanations for the existence of IPO lockups: lockups serve as (i) a signal of firm quality, (ii) a commitment device toExpand
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Competing Theories of Financial Anomalies
We compare two competing theories of financial anomalies: "behavioral" theories built on investor irrationality, and "rational structural uncertainty" theories built on incomplete information aboutExpand
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The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes?
Campbell, Lettau, Malkiel, and Xu (2001) document a positive trend in idiosyncratic volatility during the 1962--1997 period. We show that by 2003 volatility falls back to pre-1990s levels.Expand
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Payout Policy in the 21st Century
We survey 384 CFOs and Treasurers, and conduct in-depth interviews with an additional two dozen, to determine the key factors that drive dividend and share repurchase policies. We find that managersExpand
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Inference in long-horizon event studies : a bayesian approach
  • A. Brav
  • Economics, Computer Science
  • 1 October 2000
TLDR
Statistical inference in long-horizon event studies has been hampered by the fact that abnormal returns are neither normally distributed nor independent. Expand
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An Empirical Analysis of Analysts' Target Prices: Short Term Informativeness and Long Term Dynamics
Using a large database of analysts' target prices issued over the period 1997-1999, we examine short-term market reactions to target price revisions and long-term comovement of target and stockExpand
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Hedge Fund Activism: A Review
This monograph reviews shareholder activism by hedge funds. We first describe the nature and characteristics of hedge fund activism, including the objectives, tactics, and choices of targetExpand
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