Andrea M. Buffa

Learn More
This paper studies how insider trading intensity is affected by the joint effects of competition and regulation. Prior theoretical research has found that, in the absence of regulation, more insiders leads to more insider trading. We show that optimal regulation, however, features detection and punishment policies that get stricter as the number of insiders(More)
We study the joint determination of fund managers’ contracts and equilibrium asset prices. Because of agency frictions, investors make managers’ fees more sensitive to performance and benchmark performance against a market index. This makes managers unwilling to deviate from the index and exacerbates price distortions. Because trading against overvaluation(More)
1806 In economic and financial markets, rights to control and exploit assets with the potential to generate cash flows are often sold through auctions. While in some auctions the winner’s future profits from the asset cannot be used as a basis for payment, so only cash bids are possible, in many cases it is possible to observe and verify the ex post cash(More)
This study is the first to propose a comprehensive theory of the public disclosure of trades by an insider whose orders have no direct price impact. A reputational model shows that not all insiders manipulate prices with uninformed disclosures. More importantly, it shows that an insider earns at least as much with a disclosure rule as without one, implying(More)
I study various aspects of mutual funds in my thesis. These are divided over four chapters. The first chapter is an introduction to the thesis and sets out an executive summary of my research. The second to fourth chapters each deal with a new concept. The second chapter shows that the sensitivity of an investor’s reaction to a mutual fund’s recent(More)
A flow-through electrode made of a carbon nanotubes (CNT) film deposited on a polytetrafluoroethylene (PTFE) membrane was assembled and employed for the determination of low concentration of copper as a model system by linear sweep anodic stripping voltammetry (LSASV). CNT films with areal mass ranging from 0.12 to 0.72 mg cm(-2) were characterized by(More)
This paper explores the effects of a firm’s cash flow systematic risk on its optimal capital structure. In a model where firms are allowed to borrow resources from a competitive lending sector, those with cash flows more correlated with the aggregate economy (i.e., firms with riskier assets in place) choose a lower net leverage given their higher expected(More)
  • Yelena Larkin, Evgeny Lyandres, +15 authors Bela Szemely
  • 2015
Many mergers involve firms with less-than-complementary products or technologies. This paper examines theoretically and empirically the factors that affect the expected complementarity in observed mergers. Our model demonstrates that the important determinants of expected complementarity in mergers are target’s bargaining power, as well as its visibility(More)
  • 1