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Corporate Governance and Equity Prices

Shareholder rights vary across firms. Using the incidence of 24 unique governance rules, we construct a "Governance Index" to proxy for the level of shareholder rights at about 1500 large firms…
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Institutional Investors and Equity Prices

This paper analyzes institutional investors' demand for stock characteristics and the implications of this demand for stock prices and returns. We find that "large" institutional investors nearly…
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Securitized Banking and the Run on Repo

The Panic of 2007-2008 was a run on the sale and repurchase market (the “repo” market), which is a very large, short-term market that provides financing for a wide range of securitization activities…
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Estimating Risk Preferences from Deductible Choice

We develop a structural econometric model to estimate risk preferences from data on deductible choices in auto insurance contracts. We account for adverse selection by modeling unobserved…

The Economics of Private Equity Funds

This article analyzes the economics of the private equity industry using a novel model and dataset. We obtain data from a large investor in private equity funds, with detailed records on 238 funds…
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Extreme Governance: An Analysis of Dual-Class Firms in the United States

We construct a comprehensive list of dual-class firms in the United States and use this list to analyze the relationship between insider ownership and firm value. Our data have two useful features.…
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Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective

This paper uses performance-evaluation methodology to estimate the returns earned by insiders when they trade their company's stock. Our methods are designed to estimate the returns earned by…
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Venture Capital and the Finance of Innovation

This article contains the front matter plus the first chapter from the textbook, Venture Capital and the Finance of Innovation. The book is intended for finance classes on venture capital at the MBA…
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Large Blocks of Stock: Prevalence, Size, and Measurement

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Regulating the Shadow Banking System

The shadow banking system played a major role in the recent financial crisis but remains largely unregulated. We propose principles for its regulation and describe a specific proposal to implement…
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