• Publications
  • Influence
CEO Preferences and Acquisitions
This paper explores the impact of target CEOs’ retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs’Expand
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The Marketing Role of IPOs: Evidence from Internet Stocks
This paper explores the potential marketing benefits of going public and of IPO underpricing. We examine the impact of IPO underpricing on website traffic, which is a direct measure of product marketExpand
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Financing decisions when managers are risk averse
This paper studies the impact of financing decisions on risk-averse managers. Leverage raises stock volatility, driving a wedge between the cost of debt to shareholders and the cost to undiversified,Expand
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Performance-Induced CEO Turnover
This paper revisits the relationship between firm performance and CEO turnover. We drop the distinction between forced and voluntary turnovers and introduce the concept of performance-inducedExpand
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Risk, Reputation, and IPO Price Support
Immediately following an initial public offering, underwriters often repurchase shares of poorly performing offerings in an apparent attempt to stabilize the price. Using proprietary Nasdaq data, IExpand
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Equity Vesting and Managerial Myopia
This paper links the impending vesting of CEO equity to reductions in real investment. Existing studies measure the manager's short-term concerns using the sensitivity of his equity to the stockExpand
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Internal Ownership Structures of U.S. Multinational Firms
This paper is a comprehensive analysis of the foreign ownership structures of U.S. multinational firms. Though the vast majority of foreign subsidiaries are ultimately wholly-owned by their U.S.Expand
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Investment Decisions of Nonprofit Firms: Evidence from Hospitals
type="main"> This paper examines investment choices of nonprofit hospitals. It tests how shocks to cash flows caused by the performance of the hospitals’ financial assets affect hospitalExpand
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Investment and Cash Flow: New Evidence
We study the investment-cashflow sensitivities of U.S. firms from 1971–2009. Our tests extend the literature in several key ways and provide strong evidence that cashflow explains investment beyondExpand
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Equity Vesting and Investment
This paper links the CEO’s concerns for the current stock price to reductions in real investment. We identify short-term concerns using the amount of stock and options scheduled to vest in a givenExpand
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