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  • Influence
Multimarket Trading and Market Liquidity
When a security trades at multiple locations simultaneously, an informed trader has several avenues in which to exploit his private information. The greater the proportion of liquidity trading byExpand
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Common Stock Offerings Across the Business Cycle: Theory and Evidence
It is well known that historically a larger number of firms issue common stock and the proportion of external financing accounted for by equity is substantially higher in expansionary phases of theExpand
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Hot Markets, Investor Sentiment, and IPO Pricing
Our model of the initial public offering process links the three main empirical IPO anomalies underpricing, hot issue markets, and long-run underperformance and traces them to a common source ofExpand
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Affiliated Firms and Financial Support: Evidence from Indian Business Groups
We investigate the functioning of internal capital markets in Indian Business Groups. We document that intra-group loans are an important means of transferring cash across group firms and that suchExpand
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Board Expertise: Do Directors from Related Industries Help Bridge the Information Gap?
We investigate the importance of board expertise by analyzing the role of “directors from related industries�? (DRIs) on a firm’s board. DRIs are officers and/or directors of companies in theExpand
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On the Good News in Equity Carve-Outs
The announcement of the sale of equity in a wholly owned subsidiary of a corporation is received by the market as good news about the value of the existing equity in the parent corporation. This isExpand
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Family Values and the Star Phenomenon: Strategies of Mutual Fund Families
We examine the extent to which a fund's cash flows are affected by the stellar performance of other funds in its family -- and consequences of such spillovers. We show that star performance resultsExpand
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Divisional diversity and the conglomerate discount: evidence from spinoffs
Existing literature argues that disparity in investment opportunities within diversified firms can erode firm value. We investigate this 'diversity cost' hypothesis in the context of spinoffs byExpand
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Are Incentive Contracts Rigged by Powerful CEOs
We argue that powerful CEOs induce their boards to shift the weight on performance measures towards the better performing measures, thereby rigging the incentive part of their pay. The intuition isExpand
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Tournament Behavior in Hedge Funds: High-water Marks, Fund Liquidation, and Managerial Stake
We analyze whether risk shifting by a hedge fund manager is related to the manager's incentive contract, personal capital stake, and the risk of fund closure. We find that the propensity to increaseExpand
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