Kai Ming Li

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We attempt to measure the effect of competition on bias in the context of analyst earnings forecasts, which are known to be excessively optimistic due to conflicts of interest. Our natural experiment for competition is mergers of brokerage houses, which result in the firing of analysts because of redundancy (e.g., one of the two oil stock analysts is let(More)
  • Joseph A Mccahery, Zacharias Sautner, Laura T Starks, Ines Chaieb, Steve Choi, Alex Edmans +10 others
  • 2010
Institutional investors are the dominant force in financial markets today, yet their preferences about corporate governance are generally undisclosed and their activities in this area tend to be performed privately. We conduct a survey to elicit their views on investor protection and corporate governance mechanisms. We find that among the institutions who(More)
  • Harrison Hong, Marcin Kacperczyk, Murray Carlson, Douglas Diamond, Lorenzo Garlappi, Rob Heinkel +18 others
  • 2007
We provide evidence for the effects of social norms on markets by studying " sin " stocks—publicly traded companies involved in producing alcohol, tobacco, and gaming. We hypothesize that there is a societal norm against funding operations that promote vice and that some investors, particularly institutions subject to norms, pay a financial cost in(More)
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