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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2019

Molecular Genetics Risk Aversion Return Perceptions and Stock Market Participation

Laura STARKS, Richard SIAS, H. J. TURTLE
We show that molecular variation in DNA related to cognition, personality, health, and body shape, predicts an individual’s equity market participation and risk aversion. Moreover, the molecular genetic endowments predict individuals’ return perceptions, most of which we find to be strikingly bi...
Keywords: Molecular genetics, stock market participation, risk aversion, genetic endowments
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2015

Behind the Scenes: The Corporate Governance Preferences of Institutional Investors

Laura STARKS, Joseph A. MCCAHERY, Zacharias SAUTNER
We survey institutional investors to better understand their role in the corporate governance of firms. Consistent with a number of theories we document widespread behind-the-scenes intervention as well as governance-motivated exit. Both governance mechanisms are viewed as complementary devices, in ...
Keywords: institutional investors, Corporate governance, shareholder activism
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2014

Who are the Sentiment Traders? Evidence from the Cross-section of Stock Returns and Demand

Laura STARKS, Luke DEVAULT, Richard SIAS
Recent work suggests that sentiment traders shift from safer to more speculative stocks when sentiment increases. Given that the market clearing condition requires a buyer for every seller, we exploit these cross-sectional patterns and changes in share ownership to test whether investor sentiment me...
Keywords: Stock Returns, sentiment, demand shocks, mispricing
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2013

Defined Contribution Pension Plans: Sticky or Discerning Money?

Clemens SIALM, Laura STARKS, Hanjiang ZHANG
Participants in defined contribution (DC) retirement plans rarely adjust their portfolio allocations, suggesting that their investment choices and consequent money flows are sticky and not discerning. However, participants’ inertia could be offset by DC plan sponsors, who adjust the plan’s inves...
Keywords: Flow-Performance Sensititivity, Defined Contribution Pension Plans, Retirement Savings
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