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Corporate Governance and Equity Prices
Corporate-governance provisions related to takeover defenses and shareholder rights vary substantially across firms. In this paper, we use the incidence of 24 different provisions to build aExpand
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Institutional Investors and Equity Prices
We analyze institutional investors' preferences for stocks and the implications that these preferences have for stock-market prices and returns. We find that -- a category including all managers withExpand
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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 activitiesExpand
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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 unobservedExpand
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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.Expand
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Large Blocks of Stock: Prevalence, Size, and Measurement
Large blocks of stock play an important role in many studies of corporate governance and finance. Despite this important role, there is no standardized data set for these blocks, and the bestExpand
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The Safe-Asset Share
We document that the percentage of all U.S. assets that are "safe" has remained stable at about 33 percent since 1952. This stable ratio is a rare example of calm in a rapidly changing financialExpand
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Reinforcement Learning and Savings Behavior
We show that individual investors over-extrapolate from their personal experience when making savings decisions. Investors who experience particularly rewarding outcomes from saving in their 401(k)-aExpand
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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 byExpand
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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 byExpand
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