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How Active Is Your Fund Manager? A New Measure That Predicts Performance
We introduce a new measure of active portfolio management, Active Share, which represents the share of portfolio holdings that di¤er from the benchmark index holdings. We compute Active Share for
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 is
The Influence of Strategic Patenting on Companies' Patent Portfolios
This paper analyses whether strategic motives for patenting influence the characteristics of companies' patent portfolios. We use the number of citations and oppositions to represent these
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 market
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 most
The influence of strategic patenting on companies' patent portfolios
This paper analyses whether strategic motives for patenting influence the characteristics of companies' patent portfolios. We use the number of citations and oppositions to represent these
Patent litigation in Europe
We compare patent litigation cases across four European jurisdictions—Germany, the UK (England and Wales), France, The Netherlands—using case-level data gathered from cases filed in the four
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 group
Settlement during patent litigation trials. An empirical analysis for Germany
Settlement in patent litigation suits is a frequently observed phenomenon. Even though parties have the opportunity of achieving an agreement at the first negotiation round they often reach one
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 equity
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