A5020049645- Corporate Finance and Governance
- Financial Markets and Investment Strategies
- Auditing, Earnings Management, Governance
- Private Equity and Venture Capital
- Political Influence and Corporate Strategies
- Banking stability, regulation, efficiency
- Fiscal Policies and Political Economy
- Housing Market and Economics
- Firm Innovation and Growth
- Risk Management in Financial Firms
- Innovation Policy and R&D
- Insurance and Financial Risk Management
- Media Influence and Politics
- FinTech, Crowdfunding, Digital Finance
- Financial Reporting and Valuation Research
- Atomic and Molecular Physics
- Financial Literacy, Pension, Retirement Analysis
- Marine and coastal plant biology
- Law, Economics, and Judicial Systems
- Aviation Industry Analysis and Trends
- Access Control and Trust
- Microbial Community Ecology and Physiology
- Gender, Labor, and Family Dynamics
- Fiscal Policy and Economic Growth
- Laser-induced spectroscopy and plasma
University of South Florida
2015-2024
UNSW Sydney
2021
University of Technology Sydney
2017-2021
University of Liverpool
2019
University of Colorado Boulder
2013
Clemson University
2002-2007
University of Kentucky
2001
University of London
1977-1989
London School of Hygiene & Tropical Medicine
1989
Oak Ridge National Laboratory
1987
We examine the extent to which offer prices reflect public information for 3,325 IPOs over period 1990–1999. focus primarily on four variables: share overhang, file range amendments, venture capital backing, and previous issue underpricing. show that 35%–50% of variation in IPO underpricing can be predicted using known before date therefore conclude underadjust widely available a much greater than previously documented.
We examine the effect of unionization on firm innovation, using a regression discontinuity design that relies “locally” exogenous variation generated by elections pass or fail small margin votes. Passing union election results in an 8.7% (12.5%) decline patent quantity (quality) three years after election. A reduction R&D expenditures, reduced productivity inventors, and departures innovative inventors appear to be plausible underlying mechanisms through which impedes innovation. In...
ABSTRACT Using hand‐collected biographical information on financial analysts from 1983 to 2011, we find that making forecasts firms in industries related their preanalyst experience have better forecast accuracy, evoke stronger market reactions earning revisions, and are more likely be named Institutional Investor all‐stars. Plausibly exogenous losses of with industry real implications—changes firms’ asymmetry price significantly larger than those other analysts. Overall, expertise acquired...
We examine the expiration of IPO quiet period, which occurs after 25th calendar day following offering. For IPOs during 1996 to 2000, we find that analyst coverage is initiated immediately for 76 percent these firms, almost always with a favorable rating. Initiated firms experience five‐day abnormal return 4.1 versus 0.1 no coverage. The returns are concentrated in days just before period expires. Abnormal much larger when by multiple analysts. It does not matter whether recommendation comes...
Abstract Most initial public offerings (IPOs) feature “lockup” agreements, which bar insiders from selling the stock for a set period following IPO, usually 180 days. We examine price behavior in surrounding lockup expiration sample of 2,529 firms 1988 to 1997. find that expirations are, on average, associated with significant and negative abnormal returns, but losses are concentrated venture capital backing. For venture‐capital‐backed group, largest occur high‐tech greatest post‐IPO...
ABSTRACT We demonstrate that time stamps reported in I/B/E/S for analysts’ recommendations released during trading hours are systematically delayed. Using newswire‐reported stamps, we find 30‐minute returns of 1.83% (−2.10%) upgrades (downgrades), but this subset corresponding −0.07% (−0.09%) using I/B/E/S‐reported stamps. also examine the information content relative to management guidance and earnings announcements. Our evidence suggests most important disclosure channel examined.
We examine over 7400 analyst recommendations made in the year after going public for IPOs from 1999 to 2000. Initiations of coverage at end quiet period come almost exclusively affiliated analysts, whereas initiations afterward are predominantly unaffiliated analysts. Contrary previous findings, we find no evidence that market discounts analysts once control recommendation characteristics and timing. Moreover, first is not affected by underpricing, flurry period, number covering a firm...
Engineered Wood Products (EWPs) are increasingly being used as construction and building materials. However, the predominant use of petroleum-based adhesives in EWPs contributes to release toxic gases (e.g. Volatile Organic Compounds (VOCs) formaldehyde) which harmful environment. Also, affects their end-of-life disposal, reusability recyclability. This paper focusses on dowel laminated timber members densified wood materials, adhesive free sustainable alternatives commonly glulam CLT). The...
We find firms’ work-related injury rates are negatively associated with the level of analyst coverage. This result is also robust at establishment which we local analysts have a more profound impact than distant analysts. Cross-sectionally, our results exacerbated in firms weak internal governance mechanisms and industries low union representation. Finally, management likely to discuss safety issues during earnings conference calls presence Overall, suggest play an effective external...
Abstract We investigate the pricing of 4,989 equity IPOs with offer dates between 1981 and 2000. Approximately three-fourths these have integer prices. Average initial returns for prices are significantly higher (24.5%) than those priced on fraction dollar (8.1%). This result is robust through time after conditioning other effects known to influence returns. hypothesize that vs. fractional negotiations issuing firm underwriter. Under this negotiation hypothesis, frequency should be an...
ABSTRACT Non‐deal roadshows (NDRs) are private meetings between management and institutional investors, typically organized by sell‐side analysts. We find that around NDRs, local investors trade heavily profitably, while retail trading is significantly less informed. Analysts who sponsor NDRs issue more optimistic recommendations target prices, together with “beatable” earnings forecasts, consistent analysts issuing strategically biased forecasts to win NDR business. Our results suggest...
Abstract We examine the value of due diligence recommendations on Reddit’s Wallstreetbets (WSB) platform. Before Gamestop (GME) short squeeze, are significant predictors returns and cash-flow news. This predictability is eliminated post-GME. Post-GME, fraction reports emphasizing price-pressure or attention-grabbing stocks dramatically increases, decline in informativeness concentrated these reports. Similarly, retail trade particularly strong following DD pre-GME period, but not Our...
We introduce taxi ridership between the Federal Reserve (Fed) Bank of New York and large financial institutions headquartered in City as a novel proxy for Fed–bank face-to-face interactions. document negative relation past interactions future stock market returns, particularly on days around Fed’s public announcements. also find significantly elevated immediately following lifting Open Market Committee blackout. Our findings suggest that Fed increases its information gathering via when it...
We examine underpricing, long-run returns, lockup periods, and gross spreads for penny stock IPOs over the 1990–1998 period. find that have higher initial returns than ordinary IPOs, but significantly worse underperformance. also longer periods larger spreads. To explore effect of potential market manipulation, we led by a group underwriters were subject SEC enforcement actions and/or other penalties. Penny issues these banks are particularly underpriced underperform underwriters.
Abstract Invasive plants have extensive impacts on ecosystem function and biodiversity globally. Our inability to manage invasive species stems in part from a lack of understanding the processes that control their successful establishment spread. To date, studies largely considered how above-ground native/invasive plant interactions. Emerging research terrestrial wetland ecosystems demonstrates below-ground under microbial can determine outcome interactions between native plants. Whether...
We examine professional connections among executives and analysts formed through overlapping historical employment. Analysts with to coverage firms have more accurate earnings forecasts issue informative buy sell recommendations. These are likely participate, be chosen first, ask questions during conference calls analyst/investor days. Homophily based on gender, age, ethnicity is orthogonal connections. Brokers attract greater trade commissions stocks covered by connected analysts. Firms...
The $3s3p{^{1}P_{1}}^{\ensuremath{\circ}}$ level of Mg i has been selectively excited by the second harmonic output a high-power, narrow-band, frequency tunable dye laser. excited-state absorption series $3s3p{^{1}P_{1}}^{\ensuremath{\circ}}\ensuremath{-}3\mathrm{snd}^{1}D_{2}$ recorded to $n=24$. A strong autoionization resonance obtained at $\ensuremath{\lambda}=300.9$ nm, with photoionization cross section \ensuremath{\sim}5 \ifmmode\times\else\texttimes\fi{} ${10}^{\ensuremath{-}16}$...
We examine the market consequences of due diligence (DD) reports on Reddit's Wallstreetbets (WSB) platform. Over 2018-2020 sample, we find that DD recommendations are significant predictors one-month ahead returns, earnings forecast revisions, and surprises. In addition, user comments incrementally useful for predicting small retail trade informativeness increases following reports. However, all these benefits reverse in first half 2021. Our findings consistent with surge new WSB users...
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We examine over 7,400 analyst recommendations in the year after going public for IPOs from 1999-2000. Initiations at end of quiet period come almost exclusively affiliated analysts, while initiations afterwards are predominantly unaffiliated analysts. Once we control timing, find no evidence a difference market reaction to versus initiations. Our results contradict prior findings that discounts suggesting instead informational advantage possessed by analysts outweighs greater conflicts...