Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2018

Housing price, Labor Supply and Household Behaviors – the Dream City Effect

Yongheng DENG, Wei HUANG, Xiangyu GUO
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Annual Conference

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Accounting

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May 2018

Traveling Governance Effect of Shareholder Activism: Evidence from Clawback Provision Adoption

C.S. Agnes CHENG, Gang HU, Zeyu SUN, Jing XIE
We find that firms held by an institutional activist blockholder (IAB) are more likely to adopt clawback provisions when more of other firms held by the same IAB have adopted. This effect is stronger when peers adopt a strong form of clawback and maintain longer peer relations, for firms with more p...
Keywords: shareholder activism, Spillover Effect, Clawback Provision, institutional investors
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Annual Conference

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Accounting

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May 2018

How Does Tax Avoidance Affect Corporate Transparency?

Congcong LI, Kunpeng SUN, Thomas C. OMER, Mark Shuai MA
This study examines how tax avoidance affects corporate transparency. Using a large sample of U.S. firms from 1995 to 2016, we find a significant non-linear effect of tax avoidance on transparency. That is, when a firm’s tax avoidance is low, an increase in tax avoidance improves transparency; how...
Keywords: tax avoidance, corporate transparency, economic consequences
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Annual Conference

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Accounting

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May 2018

Do Exchange Traded Funds affect the processing of Earnings Information?

Partha MOHANRAM, Suning ZHANG, Sanjeev BHOJRAJ
We examine whether an increase in ETF ownership is accompanied by a decline in pricing efficiency for the underlying component securities. Our tests show an increase in ETF ownership is associated with: (1) higher trading costs (bid-ask spreads and market liquidity); (2) an increase in “stock retu...
Keywords: Exchange traded funds (ETFs), Uninformed and informed traders, Costly information, Trading costs, Market pricing efficiency, Informative prices.
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Annual Conference

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Accounting

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May 2018

Institutional Cross-holdings and Generic Entry in the Pharmaceutical Industry

Jin XIE, Joseph GERAKOS
Brand-name pharmaceutical companies often file lawsuits against generic drug manufacturers that challenge the monopoly status of patent-protected drugs. Institutional horizontal shareholdings, measured by the generic shareholders’ ownership in the brand-name company relative to their ownership in ...
Keywords: common ownership, Institutional investor, Product market entry, Pharmaceutical industry, Patent infringement lawsuit, Settlement agreement, Antitrust
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