A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
Your search
Results 526 resources
-
We study how conflict in contest games is influenced by rival parties beinggroups and by group members being able to punish each other. Our motivationstems from the analysis of sociopolitical conflict. The theoretical predictionis that conflict expenditures are independent of group size and of whetherpunishment is available. We find, first, that conflict expenditures of groups aresubstantially larger than those of individuals, and both are above equilibrium.Second, allowing group members to punish each other leads to even larger conflictexpenditures. These results contrast with those from public goods experimentswhere punishment enhances efficiency. (JEL C72, D74, H41)
-
Prior theoretical research has found that, in the absence of regulation, a greater number of insiders leads to more insider trading. We show that optimal regulation features detection and punishment policies that become stricter as the number of insiders increases, reducing insider trading in equilibrium. We construct measures of the likelihood of insider activity prior to bid announcements of private-equity buyouts during the period 2000-2006 and relate these to the number of financing participants. Suspicious stock and options activity is associated with more equity participants, while suspicious bond and CDS activity is associated with more debt participants – consistent with models of limited competition among insiders but inconsistent with our model of optimal regulation.
-
We provide new evidence linking board characteristics and performance. Using manually collected governance data from the mutual fund industry, we find an inverse relation between board size and fund performance. We also find evidence that organizational form plays an important role in determining operational performance. Overall, the results are consistent with the notion that there may not be a single optimal board structure that is applicable to all funds, that attempts to regulate board attributes should be considered with caution, and that sponsor-level factors are important board structure considerations.
-
We study the effects of physical distance on the acquisition and use of private information in informationally opaque credit markets. Using a unique data set of all loan applications by small firms to a large bank, we show that borrower proximity facilitates the collection of soft information, leading to a trade-off in the availability and pricing of credit, which is more readily accessible to nearby firms albeit at higher interest rates ceteris paribus. Analyzing loan rates and firms' decision to switch lenders provides further evidence for banks' strategic use of private information. However, distance erodes our lender's ability to collect proprietary intelligence and to carve out local captive markets, suggesting that the requisite soft information is primarily local.
-
This paper provides the first systematic analysis of performance patterns for emerging funds and managers in the hedge fund industry. Emerging funds and managers have particularly strong financial incentives to create investment performance and, because of their size, may be more nimble than established ones. Performance measurement, however, needs to control for the usual biases afflicting hedge fund databases. After adjusting for such biases and using a novel event time approach, we find strong evidence of outperformance during the first two to three years of existence. Each additional year of age decreases performance by 42 basis points, on average. Cross-sectionally, early performance by individual funds is quite persistent, with early strong performance lasting for up to five years.
Explore
Journals
- American Economic Review (236)
- Journal of Finance (69)
- Journal of Financial Economics (101)
- Review of Financial Studies (120)
Topic
- Bond (28)
- CEO (15)
- Director (13)
- Capital Structure (9)
- Mergers and Acquisitions (8)
Resource type
- Journal Article (526)