Elena Andreou, Patrick Gagliardini, Eric Ghysels, and Mirco Rubin ♦ We present a set of novel theoretical results providing a solution that address for the perils of beta dynamics misspecification in the estimation of conditional asset pricing models. We show…
Yan Li, David Tat-Chee Ng, and Bhaskaran Swaminathan ♦ We introduce the implied value premium (IVP), the difference between the implied costs of capital of value and growth stocks, to predict time variation in the ex-post value premium. During 1977–2023, IVP…
Hamid Boustanifar and Sasan Mansour ♦ We examine how management disclosure affects media coverage by analyzing firms’ responses in earnings call Q&A sessions. Using a machine-learning-based “non-answer” score, we find that evasive managerial responses reduce subsequent media attention, particularly from…
Jon A. Garfinkel, Erik J. Mayer, Ilya A. Strebulaev, and Emmanuel Yimfor ♦ One-third of deals in the venture capital (VC) market involve a founder and investor from the same university. Venture capitalists are more likely to invest in, and…
Matthew Denes and James F. Albertus ♦ We study the effects of private equity fund debt on cash flows, performance, and agency relationships. Funds using debt delay capital calls, boosting performance measures sensitive to cash flow timing. We find that…
Thomas J. Chemmanur, Michael B. Imerman, Harshit Rajaiya, and Qianqian Yu ♦ We analyze how corporate direct investments in fintech startups affect startup performance and that of investing firms. Corporate investment in fintech startups is associated with a greater likelihood…
