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Investment Banking and Analyst Objectivity: Evidence from Analysts Affiliated with Mergers and Acquisitions Advisors
We find evidence that conflicts of interest arising from mergers and acquisitions (M&A) relations influence analysts' recommendations, corroborating regulators' and practitioners' suspicions in aExpand
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Can Strong Boards and Trading Their Own Firm’s Stock Help CEOs Make Better Decisions? Evidence from Acquisitions by Overconfident CEOs
Little evidence exists on whether boards help managers make better decisions. We provide evidence that strong and independent boards help overconfident chief executive officers (CEOs) avoid honestExpand
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A Multiple Lender Approach to Understanding Supply and Search in the Equity Lending Market
Using unique data from 12 lenders, we examine how equity lending fees respond to demand shocks. We find that when demand is moderate, fees are largely insensitive to demand shocks. However, at highExpand
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Can Short Restrictions Actually Increase Informed Short Selling
We use the 2008 short selling regulations to test whether short sale restrictions can increase informed short selling. For the preborrow requirement, we find more negative price reactions to shortExpand
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Do Strong Boards and Trading in Their Own Firm's Stock Help CEOs Make Better Decisions? Evidence from Corporate Acquisitions by Overconfident CEOs.
Little evidence exists on whether boards help managers make better decisions. We provide evidence that strong and independent boards help overconfident CEOs avoid honest mistakes when they seek toExpand
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Investment Banking and Analyst Objectivity: Evidence from Analysts Affiliated With M&A Advisors
We find evidence that conflicts of interest arising from M&A relations influence analysts' recommendations, corroborating regulators' and practitioners' suspicions in a setting, i.e. M&A relations,Expand
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Subsidiary Debt, Capital Structure, and Internal Capital Markets
I study external debt issued by operating subsidiaries of diversified firms. Consistent with Kahn and Winton's [2004. Moral hazard and optimal subsidiary structure for financial institutions. JournalExpand
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Are corporate managers savvy about their stock price? Evidence from insider trading after earnings announcements
We find that insiders trade as if they exploit market underreaction to earnings news, buying (selling) after good (bad) earnings announcements when the price reaction to the announcement is lowExpand
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Do Private Equity Returns Result from Wealth Transfers and Short-Termism? Evidence from a Comprehensive Sample of Large Buyouts
TLDR
We test whether the well-documented high returns of private equity sponsors result from wealth transfers from other financial claimants and counterparties and from a focus on short-term profits at the expense of long-term value. Expand
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Managerial Myopia and the Mortgage Meltdown
Prominent policy makers assert that managerial short-termism was at the root of the subprime mortgage crisis of 2007-2009. Prior scholarly research, however, largely rejects this assertion. Using aExpand
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