Ronald W. Masulis, Cong Wang, Fei Xie, and Shuran Zhang ♦ An unintended consequence of recent governance reforms in the U.S. is firms’ greater reliance on older director candidates, resulting in noticeable board aging. We investigate this phenomenon’s implications for…
Kayla M. Freeman ♦ I find overlapping institutional ownership (OIO) in a customer and supplier increases the duration of their supply chain relationship. Results are stronger when vertical holdup is more severe. A quasi-natural experiment around mergers of financial institutions…
Charles M. Jones, Donghui Shi, Xiaoyan Zhang, and Xinran Zhang ♦ Using comprehensive account-level data, we separate Chinese retail investors into five groups and document strong heterogeneity in trading dynamics and performances. Retail investors with smaller account sizes cannot predict…
Eliezer M. Fich, Jarrad Harford, and Adam S. Yore ♦ Antitakeover measures are controversial because the evidence on their net effect on shareholders is mixed. We propose that, for many firms, the potential bonding benefits outweigh the agency costs of…
Gennaro Bernile, Jianfeng Hu, Guangzhong Li, and Roni Michaely ♦ Information production associated with derivatives markets is not a sideshow; rather, it has significantly positive spillover effects on an array of corporate decisions of underlying firms. Using a regression-discontinuity design…
Ryan Flugum and Matthew E. Souther ♦ Firms falling short of earnings expectations are more likely to cite stakeholder-focused objectives in their public communications following earnings announcements. This behavior is consistent with managers preferring to be evaluated by subjective stakeholder-based…
