Matteo Binfarè and Robert S. Harris ♦ We examine compensation for endowment Chief Investment Officers (CIOs) overseeing portfolios with significant allocations to alternatives. We find widespread use of bonuses and that large endowments with high alternative allocations hire CIOs with…
Isil Erel and Eduard Inozemtsev ♦ Nonbank lenders have been playing an increasing role in supplying debt, especially after the Great Recession. How important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative providers…
Zhong Chen, Zicheng Lei, and Chunling Xia ♦ We investigate whether CFOs serving on U.S. corporate boards benefit shareholders in M&A transactions. We find that acquisitions made by firms with CFOs on boards have significantly better acquirer announcement returns. This…
Pekka Honkanen ♦ U.S. mutual funds that participate in the securities lending market extract information from stock borrowing. Active funds exploit this information, rebalancing away from borrowed stocks whose prices tend to decrease, whereas passive funds do not. Information spillovers…
Deniz Anginer, Snow (Xue) Han, and Çelim Yıldızhan ♦ Using close to 800,000 transactions by 66,000 households in the United States and close to 2,000,000 transactions by 303,000 households in Finland, this paper shows that, on average, individual investors with…
Meghana Ayyagari, Yuxi Cheng, and Ariel Weinberger ♦ Using high-frequency data on over 7 million import transactions, we study the disruptions to US firms’ trade patterns and growth immediately following the initial COVID-19 trade shock. While large firms are not…
