Hayong Yun

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Patient traders have an opportunity to profit from the predictable, investor-flow-induced trades of mutual funds. In a sample of 3,087 institutions in the same 13F categories as hedge funds, and in a subset of 442 identified hedge funds from 2003-2010, we find that they do. In anticipation of a 1% of volume change in mutual fund flows into a stock in the(More)
This paper shows that active risk management policies lead to an increase in firm value. To identify the causal effect of hedging and to overcome endogeneity concerns, we exploit the introduction of weather derivatives as an exogenous shock to firms' ability to hedge weather risks. This innovation disproportionately benefits weather sensitive firms,(More)
We examine the occurrence of ethics-related terms in 10-K annual reports over 1994-2006 and offer empirical observations on the conceptual framework of Erhard, Jensen, and Zaffron (2007). We use a pre-Sarbanes-Oxley sample subset to compare the occurrence of ethics-related terms in our 10-K data with samples from other studies that consider virtue-related(More)
2 ACCEPTANCE This dissertation was prepared under the direction of the Haibei Zhao Dissertation Committee. It has been approved and accepted by all members of that committee, and it has been accepted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Business Administration in the J. ABSTRACT I show that mutual fund cash(More)
The industrial electricity usage growth rate predicts future stock returns up to one year with an R-squared of 9%. High industrial electricity usage today predicts low stock returns in the future, consistent with a countercyclical risk premium. Industrial electricity usage tracks the output of the most cyclical sectors. Our findings bridge a gap between the(More)
This research investigates the real effects of public liquidity provision. Using the Commercial Paper Funding Facility's (CPFF) eligibility criteria for non-financial commercial paper issuers as the identification strategy, we show that firms with access to the CPFF were able to mitigate the financing disruptions caused by the Lehman Brothers bankruptcy and(More)
The 1964 Securities Acts Amendments extended disclosures mandated of NYSE firms to most firms trading in the Over-the-Counter (OTC) market. Although some prior evidence suggests substantial value increases for OTC firms due to the " value enhancing " mandated disclosures, we find no statistical difference in announcement returns for OTC firms moving to the(More)
In this paper, we examine how the violation of loan covenants (technical default) impacts firm dividend policy. Using contract-level loan data for nonfinancial firms in the U.S., we find that the occurrence of a covenant violation significantly increases the likelihood of a dividend reduction in the subsequent quarter. Moreover, we find that the degree of(More)
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