Sugato Bhattacharyya

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  • Marcin Kacperczyk, Clemens Sialm, +10 authors Francine Lafontaine
  • 2004
The value of active fund management recently has become a central debate among researchers and practitioners. Mutual fund managers can deviate from the passive market portfolio by concentrating their holdings in specific industries. We investigate whether mutual fund managers are motivated to hold concentrated portfolios because they have investment skills(More)
Newly released data on corporate governance and disclosure practices reveal wide within-country variation, with the variation increasing as legal environment gets less investor friendly. This paper examines why firms practice high-quality governance when law does not require it; firm attributes related to the quality of governance; how the attributes(More)
We investigate the influence of political and financial factors on the decision to privatize government-owned firms. The results show that profitable firms and firms with a lower wage bill are likely to be privatized early. We find that the government delays privatization in regions where the governing party faces more competition from opposition parties.(More)
In this paper we present a theory and some empirical evidence on stock price manipulation in the United States. Extending the framework of Allen and Gale (1992), we consider what happens when a manipulator can trade in the presence of other traders who seek out information about the stock’s true value. In a market without manipulators, these information(More)
This paper studies the “confidential holdings” of institutional investors, especially hedge funds, where the quarter-end equity holdings are disclosed with a delay through amendments to Form 13F and are usually excluded from the standard databases. Funds managing large risky portfolios with nonconventional strategies seek confidentiality more frequently.(More)
This paper shows the relation between CEO ownership and firm valuation hinges critically on the strength of external governance (EG). The relation is hump shaped when EG is weak, but is insignificant when EG is strong. The results imply that CEO ownership and EG are substitutes in mitigating agency problems when ownership is low. However, very high levels(More)
Using patent-based metrics, this paper examines the impact that the conglomerate form may have on the scale and novelty of corporate R&D activity. It shows that firms that are more reliant on internal capital markets to reallocate resources across divisions produce both a lesser number of innovations and also less novel innovations. Conglomerates producing(More)
Using a representative sample of residential mortgage-backed security (RMBS) deals from the pre-crisis period, we show that deals with a higher level of equity tranche have a significantly lower foreclosure rate that cannot be explained away by the underlying loan pool’s observable credit risk factors. The effect is concentrated within pools with a higher(More)
This paper presents a theoretical model of asset pricing that analyses how the behavior of stock returns is affected by the presence of regret averse investors on the market. Regret aversion is a well established psychological theory that suggests that some people have regrets when they see that their decisions turn out to be wrong even if they appeared(More)