Charles J. Hadlock, Jing Huang, Paul Obermann, and Joshua R. Pierce ♦ We find that division managers who are connected to the CEO are substantially less likely than others to depart from the firm and are more likely to be…
John D Finnerty, Natalia Reisel, and Xun Zhong ♦ We examine a link between bond ETF creation and redemption processes and the underlying bond market liquidity. Using daily creation and redemption data, we find that including a bond in a…
Rajesh K. Aggarwal and Mufaddal Baxamusa ♦ “Stealth mergers” are not reported to the government because they fall below the required size threshold. We study stealth mergers involving public targets for which manipulation of transaction sizes is unlikely. These stealth…
Logan P. Emery and Mara Faccio ♦ We develop an extensive mapping of the revolving door phenomenon by examining the work experience of 420,153 individuals in top corporate positions at 12,869 firms. More than half of these firms have at…
Hui Guo, Qian Lin, and Yu-Jou Pai ♦ We propose a consumption-based model to explain the unstable (sometimes positive and sometimes negative) relations between stock market variance with stock market risk premia and prices. In the model, market risk premia…
Yizhe Deng, Yunqi Wang, and Ti Zhou ♦ Using the macroeconomic forecasts of professional economists, we construct a comprehensive macro condition index that summarizes subjective expectations of output, inflation, and labor and housing market conditions. The index predicts stock returns…
