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Annual Conference

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Investment Finance

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May 2024

Do Investors Overvalue Startups? Evidence from the Junior Stakes of Mutual Funds

Vikas AGARWAL, Brad BARBER, Si CHENG, Allaudeen HAMEED, Harshini SHANKER, Ayako YASUDA
We show that mutual funds report their junior stakes in startups at 43% higher valuation than model fair values that consider multi-tier capital structures of startups. The latest-issued and most senior security is worth 48% more per share than junior securities held by mutual funds, implying that m...
Keywords: Startup financing, Startup valuation, Mutual funds, Venture capital, Fair value, Private valuation
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Annual Conference

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Corporate Finance

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May 2023

Do Hedge Funds Exploit Material Nonpublic Information?

Wei WANG, Yan YANG, Jingyu ZHANG
Serving on unsecured creditors’ committee (UCC) of a bankrupt firm, hedge funds gain access to material nonpublic information. Although hedge funds are prohibited from trading bankrupt firm’s securities with information access, less is known about whether such information access facilitates hedg...
Keywords: Bankruptcy, Unsecured Creditors’ Committee, Hedge Funds, Private Information, Trading
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2013

Do Foreign Bank Affiliates Cut their Lending More Than the Domestic Banks in a Financial Crisis?

Robert DEKLE, Mihye LEE
We contribute to the literature on the international transmission of balance sheet shocks that pummeled the banks of the industrialized countries in 2008 and 2009. We examine over time bank level data on over 21,000 banks located around the world. Our identification strategy relies on the differenti...
Keywords: Cross-border bank lending, financial crisis, Contagion to emerging markets
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Annual Conference

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Accounting

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May 2024

Do firms respond to calls for environmental improvements made by retail investors?

T.J. WONG, Gwen YU, Shubo ZHANG, Tianyu ZHANG
Retail investors have become more vocal in pressuring firms to improve their environmental performance, yet little is known about whether and when firms respond to these pressures. We conduct a field experiment on investor online platforms where we inject investor pressure by posting requests for en...
Keywords: Retail investors, Pollution emissions, Disclosure, ESG, and Investor Online Platforms
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Annual Conference

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Corporate Finance

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May 2015

Do Family Firms Invest More than Nonfamily Firms in Employee-Friendly Policies?

Jun-Koo KANG, Jungmin KIM
We examine whether family firms invest more in employee relations than nonfamily firms. Using the variation in state-level changes in inheritance, gift, and estate taxes as an exogenous shock to family control, we find that family firms, particularly those in which a founder serves as CEO or those i...
Keywords: Family Firm, Founder, Employee-friendly Policy, Concern Score, Life Cycle, Labor-intensive Industry, Managerial Myopia, Agency Problem, Endogeneity
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