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…
Shrijata Chattopadhyay, John J. McConnell, Timothy E. Trombley, and M. Deniz Yavuz ♦ We report evidence consistent with institutional investors using industry-level information that they obtain from their investments in venture capital (VC) funds to earn excess returns in publicly-traded…
Fangfang Hou, Jeffrey Ng, Tharindra Ranasinghe, and Janus Jian Zhang ♦ We examine whether intellectual property protection facilitates the greater incorporation of firm-specific information into the stock price. Employing the staggered, country-level adoption of the Agreement on Trade-Related Aspects of…
Xiaoran Huang, Massimo Massa, and Lei Zhang ♦ We examine the relationship between shareholder leverage constraints and corporate risk-taking, focusing on its impact on debtholders. Our findings show that mutual fund leverage constraints are related to more risk-taking activities of…
Ben Charoenwong, Zhenghui Ni, and Qiaozhi Ye ♦ Active equity mutual funds owning shares in product market competitors have higher risk-adjusted returns, even after fees. This positive association comes from their common ownership positions, and remains robust after controlling for…
George Skiadopoulos and Cheng Xue ♦ We document that climate-triggered institutional portfolio rebalancing affects S&P 500 firms’ cost of equity through climate change price pressure (CCPP). Using a demand-based asset pricing framework, we estimate firm-level CCPP from physical and transition…
