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- Publications
- Influence
Hedge Fund Activism, Corporate Governance, and Firm Performance
- A. Brav, W. Jiang, Randall S. Thomas, Frank Partnoy
- Business
- 1 May 2008
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 partial… Expand
Payout Policy in the 21st Century
- A. Brav, J. Graham, C. Harvey, R. Michaely
- Business, Economics
- 1 April 2003
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 managers… Expand
Is the Abnormal Return Following Equity Issuances Anomalous
- A. Brav, Christopher C. Geczy, Paul A. Gompers
- Economics
- 1 May 2000
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 that… Expand
The Role of Lockups in Initial Public Offerings
- A. Brav, Paul A. Gompers
- Economics
- 2003
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 to… Expand
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 about… Expand
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
Payout Policy in the 21st Century
- A. Brav, Campbell R. Harvey, John R. Graham, R. Michaely
- Economics
- 1 November 2005
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 managers… Expand
Inference in long-horizon event studies : a bayesian approach
- A. Brav
- Economics, Computer Science
- 1 October 2000
TLDR
An Empirical Analysis of Analysts' Target Prices: Short Term Informativeness and Long Term Dynamics
- A. Brav, Reuven Lehavy
- Economics
- 1 October 2003
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 stock… Expand
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 target… Expand