• Publications
  • Influence
Reputation, Certification, Warranties, and Information as Remedies for Seller-Buyer Information Asymmetries: Lessons from the On-Line Comic Book Market
Signaling strategies that sellers of higher-quality products or securities employ to differentiate their products include (1) development of a reputation for quality, (2) third-party certification,Expand
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Determinants of Trader Profits in Commodity Futures Markets
Using proprietary energy futures position data, we provide evidence that mean hedger profits are negative whereas speculator (especially hedge fund) profits are positive, that traders (whetherExpand
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Financial derivatives, opacity, and crash risk: Evidence from large US banks
We test how the use of financial derivatives affects banks’ informational structure and future stock performance based on a sample of large bank holding companies in the US. Using banks’ use ofExpand
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Firm Location and Corporate Debt
This study examines the influence of a firm’s geographical location on corporate debt and provides evidence that the higher cost of collecting information on firms distant from urban areas hasExpand
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Internet Investment Advice: Investing with a Rock of Salt
This study investigates the value contained in stock recommendations posted on two Internet newsgroups. I estimate the quality of the advice using conventional abnormal return methodology around theExpand
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Liquidity crisis, relationship lending and corporate finance
This paper investigates the consequences of the liquidity shocks in wholesale funding markets during the 2007–2009 financial crisis on bank lending and corporate financing. We show that banks thatExpand
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A Comparison of Reputation , Certification , Warranties , and Disclosure as Remedies for Information Asymmetries : Lessons from the On-line Comic Book Market
Signaling strategies which sellers of high quality securities, goods, or services employ to differentiate their securities or products from those of lower quality include: (1) developing a reputationExpand
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Upheaval in the Boardroom: Outside Director Public Resignations, Motivations, and Consequences
We investigate the motives and circumstances surrounding outside directors' decisions to publicly announce their board resignations. Directors who leave "quietly" are in their mid-sixties andExpand
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Does Securitization Support Entrepreneurial Activity?
In this paper, we investigate the impact of loan securitization on entrepreneurial activity in the United States. We first provide evidence that securitization alters the lending strategy for smallExpand
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The Liquidity Crisis: Evidence from the US Hospitality Industry
This study examines the stock performance of firms in the hospitality industry from 2000 to 2010, focusing on the sector's performance surrounding the liquidity crisis of 2008. In addition, theExpand
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