Rui Albuquerque, Yrjo Koskinen, and Raffaele Santioni ♦ This paper studies how ESG and conventional mutual funds trade stocks during the COVID-19 crash. Both fund types trade individual stocks similarly: net purchases of ESG stocks are less sensitive than other stocks…
Lu Han, Galit Ben Naim, and Stanislav Sokolinski ♦ We examine how team allocation shapes mutual fund managers’ compensation as well as their future productivity and careers. Assignment to a high-quality team lowers immediate compensation but accelerates career development-sharpening investment…
Xiaoyu Huang, Tao Jin, and Hao Zhou ♦ We model the time-varying probability of consumption disasters with international risk interactions and estimate the model using national accounts data of 42 countries back to 1833. The estimated world and country-specific disaster…
Huseyin Gulen and Michael Woeppel ♦ We document a strong negative relation between the curvature of stock price paths (i.e., price-path convexity) and future short-horizon returns at both the aggregate and firm levels. This relation obtains regardless of the cumulative return during…
Jan K. Brueckner, James N. Conklin, N. Edward Coulson, and Moussa Diop ♦ We explore an overlooked phenomenon in mortgage markets: repayment of underwater mortgages. Using a sample of mortgages terminated between 2007 and 2016, we show that such repayment indeed occurs,…
Katja Kisseleva, Aksel Mjos, and David T. Robinson ♦ This paper investigates sample selection bias in early-stage investment. We use comprehensive administrative data on the universe of new firm starts in Norway, allowing us to compare venture-backed firms with ex ante similar…
