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Sports Sentiment and Stock Returns
This paper investigates the stock market reaction to sudden changes in investor mood. Motivated by psychological evidence of a strong link between soccer outcomes and mood, we use internationalExpand
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Geographic Dispersion and Stock Returns
This paper shows that stocks of truly local firms have returns that exceed the return on stocks of geographically dispersed firms by 70 basis points per month. By extracting state name counts fromExpand
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Seasoned public offerings: Resolution of the "new issues puzzle"
The 'new issues puzzle' is that stocks of common stock issuers subsequently underperform nonissuers matched on size and book-to-market ratio. With 7000 seasoned equity and debt issues, we documentExpand
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Liquidity Risk, Leverage and Long-Run IPO Returns
We examine the risk-return characteristics of a rolling portfolio investment strategy where more than six thousand Nasdaq initial public offering (IPO) stocks are bought and held for up to fiveExpand
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Liquidity and Shareholder Activism
Blockholders' incentives to intervene in corporate governance are weakened by free-rider problems and high costs of activism. Theory suggests activists may recoup expenses through informed trading ofExpand
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The Choice of Seasoned-Equity Selling Mechanism: Theory and Evidence
Extending the Myers and Majluf (1984) framework, we present a model for the choice of seasoned-equity selling mechanism. A sequential pooling equilibrium exists which implies a positive marketExpand
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Pervasive Liquidity Risk
While there is no equilibrium framework for defining liquidity risk per se, several plausible arguments suggest that liquidity risk is pervasive and thus may be priced. For example, market frictionsExpand
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Leverage, liquidity and long-run IPO returns
It is well known that IPO stocks on average substantially underperform (over 3-5 years) non-IPO stocks matched on firm size. With a large sample of Nasdaq IPOs, this paper presents systematicExpand
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Determinants of Intercorporate Shareholdings
This paper examines why firms choose to spend resources on acquiring ownership rights in other firms. Based on a unique data base of every individual intercorporate shareholding on the Oslo StockExpand
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Performance Persistence of Individual Investors
Using unique data on month-end stock market portfolios of all individual investors over an eleven year period, we find that a substantial number of investors exhibit economically and statisticallyExpand
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