Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2019

This paper empirically tests information asymmetries and learning in global commercial real estate markets. We find that foreign investors pay a premium of 3.6%, on average, relative to local investors for comparable properties in local markets. The premiums reflect information disadvantages of fore...
Keywords: Learning, Information asymmetry, Foreign Investors, Commercial Real Estate Markets, Cross-border investments
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Annual Conference

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Accounting

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May 2021

Using a novel dataset containing investors' access of company filings through the SEC's EDGAR system, we show that the abnormal number of IPs searching for firms' financial statements strongly predicts future stock returns and firm fundamentals. A long-short portfolio based on our measure of informa...
Keywords: Information Acquisition, EDGAR Search, SEC Filings
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Annual Conference

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Corporate Finance

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May 2016

In an 'activist risk arbitrage,' a shareholder attempts to improve terms of an announced M&A through public campaigns. Activists target deals with low premiums and those susceptible to managerial conflicts of interest, including going-private deals and deals in which CEOs receive outsized paymen...
Keywords: Activist Risk Arbitrage, M&A, Governance
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

This paper provides an assessment of India’s inflation-targeting regime. It shows that the Reserve Bank of India is best characterized as a flexible inflation targeter: contrary to criticism, it does not neglect changes in the output gap when setting policy rates. The paper does not find that the ...
Keywords: Inflation targeting, monetary policy, India
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2023

This paper examines the inflation forecastability of cross-sectional stocks. To differentiate the cross-sectional inflation exposures, we make the important observation that cross-sectional stock returns exhibit persistent sensitivity to headline inflation shocks during the calendar month of CPI, an...
Keywords: inflation, individual stock returns, core-CPI, announcements
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