• Publications
  • Influence
Environmental Risk Management and the Cost of Capital
Our study of 267 U.S. firms shows that improved environmental risk management is associated with a lower cost of capital. Our findings provide an alternative perspective on the environmental -Expand
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Hedging, Speculation and Shareholder Value
We document that firms in the gold mining industry have consistently realized economically significant cash flow gains from their derivatives transactions. Expand
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Wanna Dance? How Firms and Underwriters Choose Each Other
We develop and test a theory explaining the equilibrium matching of issuers and underwriters. We assume that issuers and underwriters associate by mutual choice, and that underwriter ability andExpand
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The causal effect of option pay on corporate risk management
This study provides strong evidence of a causal effect of risk-taking incentives provided by option compensation on corporate risk management. We utilize the passage of Financial Accounting StandardExpand
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Are Share Price Levels Informative? Evidence from the Ownership, Pricing, Turnover, and Performance of IPO Firms
We ask whether a firm's choice of IPO price is informative in the sense that it relates systematically to the firm's other choices and characteristics. We find that both institutional ownership andExpand
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Determinants of Trader Profits in Commodity Futures Markets
Using proprietary energy futures position data, we provide evidence that mean hedger profits are negative whereas speculator (especially hedge fund) profits are positive, that traders (whetherExpand
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The Value of Investment Banking Relationships: Evidence from the Collapse of Lehman Brothers
We examine the long-standing question of whether firms derive value from investment bank relationships by studying how the Lehman collapse affected industrial firms that received underwriting,Expand
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Peak-load pricing and reliability under uncertainty
This paper develops the welfare foundations of peak-load pricing under uncertainty, building on Brown and Johnson (1969), Crew and Kleindorfer (1976), and Chao (1983). The context is that of aExpand
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Why Do Firms Engage in Selective Hedging? Evidence from the Gold Mining Industry
The widespread practice of managers speculating by incorporating their market views into firms’ hedging programs (“selective hedging”) remains a puzzle. Using a 10-year sample of North American goldExpand
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