Andrew H. Roper

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It is well known that firms tend to raise equity when their market values are high relative to book and past market values. We document that the resulting effects on capital structure are very persistent. As a consequence, current capital structure is strongly related to past market valuations. The results are difficult to explain within traditional(More)
Measuring the integration of world capital markets is a challenging task. For example, regulatory changes which appear comprehensive may have little impact on the functioning of the capital market if they fail to lead to foreign portfolio in°ows. In contrast to the usual practice of documenting the timing of regulatory changes, we specify a reduced-form(More)
Local Asian and international capital markets have been branded as culprits in the recent Asian financial crisis. Unfortunately, much of our understanding of the crisis stems from macro level analysis. We provide a micro level approach to understanding the Asian financial crisis that focuses on understanding the development of capital markets throughout the(More)
Our aim was to replicate Active Support, a staff training intervention designed to increase the assistance given to adults with severe mental retardation living in community residences in order to increase their participation in activities. Training was conducted in 38 residences, involving 303 staff members and 106 persons with mental retardation. Active(More)
By promoting greater corporate transparency firms can foster external scrutiny. However, the resulting actions are likely to reduce the incentives for internal accountability. Hence, a firm’s reliance on external versus internal oversight is itself an aspect of its governance policies. Moreover, these competing mechanisms interact with technological(More)
Why are shareholders so willing to leave money on the table? We examine an owner’s decision of when to issue and how to price primary and secondary shares across two periods to outside shareholders. Our model endogenizes the investment decision. Thus, firm value is endogenously determined by the IPO offer terms and the allocation of capital across time. We(More)
The Supreme Court decision in Halliburton Co. v. Erica P. John Fund, Inc., 134 S. Ct. 2398 (2014), reaffirmed the availability of the fraud-onthe-market presumption of “reliance” for purposes of a Rule 10b-5 class certification. At the same time, the Court held that defendants could rebut the presumption if they could provide “direct evidence” that the(More)
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