Return Predictability Through Board Links

@inproceedings{Burt2015ReturnPT,
  title={Return Predictability Through Board Links},
  author={Aaron Burt and Christopher M. Hrdlicka},
  year={2015}
}
We find that investors fail to immediately account for information in past prices among firms with interconnected boards: a long-short portfolio, formed based on these links, yields an annual alpha of 6.5%. This predictability is limited to the period of the board link, highlighting the importance due to the influence of even one board member. Investor inattention plays a key role. The predictability is concentrated among the largest firms, with small firms predicting big firms. The effect is… Expand

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