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  • Lauren Cohen, Joshua Coval, +11 authors Tuomo Vuolteenaho
  • 2010
United States Congress for helpful comments and discussions. We are grateful to Diego Garcia and Oyvind Norli for providing data on geographic locations of firm operations. We also thank David Kim for excellent research assistance. We are grateful for funding from the National Science Foundation. ABSTRACT This paper employs a new empirical approach for(More)
This paper analyzes whether political connections of public corporations in the United States affect the allocation of government procurement contracts. The paper classifies the political affiliation of S&P 500 companies using hand-collected data that detail the past political position of each of their board members. Using this classification, the study(More)
Individual differences in obsessive-compulsive (OC) behavior in various cultures correlate with religiosity. The current paper explored the so far unstudied relationship between religiosity and OC behavior in Israeli Jews. Two studies were conducted. Study 1 focused on the relationship between religiosity and OC behavior in a representative sample of(More)
In this paper we offer an explanation for the empirical anomaly that most raiders do not acquire the maximum possible toehold prior to announcing a takeover bid. By endogenously modeling the target value following an unsuccessful takeover we demonstrate that a raider may optimally choose to acquire a small toehold even if the toehold acquisition does not(More)
  • HUNG-CHIA HSU, ADAM V. REED, +11 authors Harold Mulherin
  • 2010
We analyze the effect of initial public offerings (IPOs) on industry competitors and provide evidence that companies experience negative stock price reactions to completed IPOs in their industry and positive stock price reactions to their withdrawal. Following a successful IPO in their industry, they show significant deterioration in their operating(More)
We analyze the impact of organizational form on the incentive of market participants to collect value relevant information about divisions of the firm. We explore whether the market collects less information about divisions of a multi division firm relative to the case in which each division trades as a separate firm. We find that organizational form has a(More)
Closed-end funds have been a topic of interest among academics and professionals on five counts. First, they tend to sell above their net asset value at their commencement. Second, they start selling at a discount within a year. Third, this discount is volatile but mean-reverting. Fourth, the news of open-ending a fund reduces the discount although some(More)
for many insightful comments and recommendations. The authors especially thank Zenzo Lusengo and Owen Maubane of the African Merchant Bank in South Africa for detailed information and discussions on how black economic empowerment transactions are structured. The views expressed here are the authors' and not necessarily those of the Federal Reserve Bank of(More)