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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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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