Andrea M. Buffa

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This paper considers share repurchases as the way long-term shareholders preserve their ability to use corporate information for speculative purposes when insider trading regulation is enforced. This use of corporate information increases the adverse selection losses of short-term shareholders. Thus, buy-back programs reduce their incentive to invest in(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)
This policy brief analyzes the job impacts of AB 32, the Global Warming Solutions Act of 2006, and highlights the policy design options that can best promote both lower greenhouse gas emissions and good jobs. A review of the two macroeconomic forecasts commissioned by the California Air Resources Board (ARB) of economy-wide effects in 2020 shows small(More)
The primary motive for long-term debt issues is to repurchase non-current debt; this accounts for 53% of debt issue proceeds. More than half of these repurchases have a precautionary motive and delay rollover risk; firms issue debt with longer maturity and repurchase non-current debt with shorter maturity. Spending on operations and investment is a(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)
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