• Publications
  • Influence
Don't Believe the Hype: Local Media Slant, Local Advertising, and Firm Value
When local media report news about local companies, they use fewer negative words compared to the same media reporting about non-local companies. We document that one reason for this positive slantExpand
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Corruption, Political Connections, and Municipal Finance
We show that state corruption and political connections have strong effects on municipal bond sales and underwriting. Higher state corruption is associated with greater credit risk and higher bondExpand
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Distance Still Matters: Evidence from Municipal Bond Underwriting
Using a sample of municipal bond offerings, I find that “local” investment banks have substantial comparative and absolute advantages over nonlocal counterparts--locals charge lower fees and sellExpand
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Educational Networks, Mutual Fund Voting Patterns, and CEO Compensation
Mutual funds whose managers are in the same educational network as the firm's CEO are more likely to vote against shareholder-initiated proposals to limit executive compensation than out-of-networkExpand
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Stock Market Liquidity and the Cost of Issuing Equity
We show that stock market liquidity is an important determinant of the cost of raising external capital. Using a large sample of seasoned equity offerings, we find that, ceteris paribus, investmentExpand
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Institutional Environment and Sovereign Credit Ratings
We use a sample of 86 counties to examine the cross-sectional determinants of sovereign credit ratings. We find that the quality of a country's legal and political institutions plays a vital role inExpand
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Does Access to External Finance Improve Productivity? Evidence from a Natural Experiment
We study the relation between access to finance and productivity. Our contribution to the literature is a clean identification of a causal effect of access to finance on productivity. Specifically,Expand
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Can Managers Forecast Aggregate Market Returns
Previous studies have found that the proportion of equity in total new debt and equity issues is negatively correlated with future equity market returns. Researchers have interpreted this finding asExpand
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Are They Still Called Late? The Effect of Notice Period on Calls of Convertible Bonds
The notice period given to convertible bondholders affects the optimal call policy for convertible bonds. After accounting for the notice period, convertible bonds in our sample would have beenExpand
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Robust Determinants of IPO Underpricing and Their Implications for IPO Research
Using several different methodologies, we quantify the statistical robustness of variables used in prior research to explain initial IPO returns. We establish a parsimonious list of robust variablesExpand
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