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Stock Return Predictability: A Bayesian Model Selection Perspective
We introduce a new methodology that explicitly incorporates model uncertainty by comparing all possible models simultaneously and in which the priors are calibrated to reflect economically meaningful information. Expand
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Takeovers and the Cross-Section of Returns
This paper considers the impact of takeover (or acquisition) likelihood on firm valuation. If firms are more likely to acquire during times when they have free cash and/or when the required rate ofExpand
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Explaining the Level of Credit Spreads: Option-Implied Jump Risk Premia in a Firm Value Model
Prices of equity index put options contain information on the price of systematic downward jump risk. We use a structural jump-diffusion firm value model to assess the level of credit spreads that isExpand
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Does the Market for CEO Talent Explain Controversial CEO Pay Practices
Benchmarking, pay for luck, and the large compensation packages given to CEOs in recent years are three major controversial compensation practices. We examine the extent to which variation in theExpand
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Takeover Defenses and Competition: The Role of Stakeholders
This article studies the interaction between takeover defenses and competition. We find that firms in more competitive industries have more takeover defenses. This suggests that product marketExpand
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Determinants of Patent Litigation in Germany
This paper presents an empirical analysis of the determinants of patent litigation in Germany, based on information from suits filed during the period from 1993 to 1995 at two of the three mostExpand
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Internal Capital Markets and Corporate Politics in a Banking Group
This study looks inside a large retail-banking group to understand how influence within the group affects internal capital allocations and lending behavior at the member bank level. The groupExpand
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Institutional Investors and Proxy Voting on Compensation Plans: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation
This paper examines the impact on shareholder voting of the mutual fund voting disclosure regulation adopted by the SEC in 2003, using a paired sample of management proposals on executive equityExpand
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Incidence, Settlement and Resolution of Patent Litigation Suits in Germany
Patents are government grants of an entitlement to enforce a legal right. This means that, although the safeguarding and enforcement of property rights are essential for investment, trade andExpand
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This paper revisits the association between firm value and staggered boards. We document that firms adopting a staggered board increase in value, while de-staggering is associated with a decrease inExpand
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