Stephen P. Ferris

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Recent scandals involving late trading, market timing, and other trading abuses have prompted the SEC to propose changes in the governance of mutual funds. Among these changes are the requirements for an independent chairman and a board consisting of at least 75% independent directors. Using a large sample of mutual fund families for 2002, we find that(More)
This study examines the role that CEO overconfidence plays in an explanation of international mergers and acquisitions during the period 2000-2006. Using a sample of CEOs of Fortune Global 500 firms over our sample period, we document a number of demographic and national patterns in the global distribution of overconfident CEOs. We find that the Hofstede(More)
This study tests for the international presence of dividend catering across a sample of twenty-three countries. We find evidence of catering among firms incorporated in common law countries but not for those in civil law nations. Catering persists even after controlling for the effect of the firm’s lifecycle. We conclude that when the legal regime and its(More)
This study examines whether the “soft” information present in merger and acquisition announcement press releases contains incrementally valuable news relative to traditional “hard” data and analyst generated information. We use Diction, a textual-analysis program, to construct measures of optimism and synergy expectations for more that 1,400 mergers and(More)
Rodrik (JIE 1996) argues for the use of government policy in cases where emerging countries are stuck in a low wage equilibrium because of a coordination failure. His coordination failure arises between downstream producers and their upstream intermediate suppliers when the production of high tech final goods requires a special set of differentiated(More)
Article history: Received 20 May 2014 Received in revised form 16 March 2015 Accepted 17 March 2015 Available online 26 May 2015 Entrepreneurs attempt to persuade potential investors that their new ventures are both credible andworthy of funding. A long line of research on entrepreneurial impressionmanagement establishes that the ability to present their(More)
This paper has two themes. In the first instance, we are concerned with uncovering the impact of intellectual thought on the practice of economic policy specifically, the influence of Keynesianism on fiscal policy. Keynes' idea that national governments can stabilize aggregate economic activity, presented in his General Theory of Employment, Interest and(More)
In this paper the case made by Klein (1975) and Hayek (1976) for competitive bank monies is reconsidered. To do so we build a model of the demand for bank money that derives from money’s ability to separate commodity purchases from sales across time and so avoid the trading costs implied by barter and the double coincidence of wants. Such a model allows us(More)