Hospitals, Proprietary

We use daily Internet search volume from millions of households to reveal market-level sentiment. By aggregating the volume of… (More)

It has been a challenge for financial economists to explain some stylized facts observed in securities markets, among them, high… (More)

Hedge funds have become critical players in both corporate governance and corporate control. In this article, we document and… (More)

This paper investigates the dynamic relation between net individual investor trading and short-horizon returns for a large cross… (More)

We relate the performance of mutual fund trades to their motivation. A fund manager who believes that a stock is significantly… (More)

We derive the optimal investment policy of a risk-averse investor in a market where there is a textbook arbitrage opportunity… (More)

In theory, an investor can make infinite profits by taking unlimited positions in an arbitrage. In reality, however, investors… (More)

The evaluation and compensation of portfolio managers is an important practical problem. Optimal compensation will induce… (More)

We propose a theory of securities market underand overreactions based on two well-known psychological biases: investor… (More)

This paper investigates the causes and consequences of activist block share purchases in the 1980s. We find that activist… (More)