Isabel Tkatch

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Using a comprehensive hedge fund database, we examine the role of managerial incentives and discretion in hedge fund performance. Hedge funds with greater managerial incentives, proxied by the delta of the option-like incentive fee contracts, higher levels of managerial ownership, and the inclusion of high-water mark provisions in the incentive contracts,(More)
We examine the relation between mutual fund votes on shareholder executive compensation proposals and pension-related business ties between fund families and the firms. In unconditional tests, we find that fund families support management when they have pension ties to the firm. We find no relation when we stratify by fund family in conditional tests, which(More)
Agency Problems in Target-Date Funds BY Vallapuzha V. Sandhya November 14, 2011 Committee Chair: Dr.Vikas Agarwal Major Academic Unit: Department of Finance Target-Date Funds (TDFs) facilitate retirement planning by varying asset allocation over time with the goal of reducing portfolio risk. We explore potential agency problems in TDFs by examining their(More)
Using a product markets perspective to investigate the decision to vertically disintegrate, we find that vertical divestitures are more likely in response to positive industry demand shocks, favorable industry financing conditions, and lower parent firm relative productivity and are less likely when the potential for contracting problems is high.(More)
Recent interest in the time-to-execution as a measure of market quality in order-driven markets coincides with the emerging empirical research on this topic. We build on recent theoretical models of dynamic limit order book to construct an estimation procedure that tests the e¤ect of the expected time-to-execution on order aggressiveness, taking into(More)
We identify and characterize order splitting strategies in an automated limit order market. We model the market conditions and order characteristics, which lead to the use of order splitting strategies. We find a positive correlation between price aggressiveness and the propensity to split an order, which implies, in a utility maximization framework, that(More)
The outstanding discoveries in the experimental and theoretical physics of elementary particles resulted in formulation of the Standard Model that provides now a self-consistent picture of the elementary particles world and describes with remarkable precision practically all observed experimental facts. These achievements were closely related with the(More)
We examine whether mutual fund managers use information on the economic linkages between an industry and its supplier and customer industries. We analyze a mutual fund’s investment in its main industry--the industry where it invests the largest amount of money, and in related industries--the important supplier/customer industries of the main industry. We(More)
This paper investigates the effect of correlation and volatilities of firm and project cash flows on the choice of project finance. I use a pure-play approach to measure unobservable project cash flows for a sample of 440 US and non-US firms that invested in 577 projects from 1990 to 2008 and find evidence that the probability of project finance is(More)
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