Annual Conference

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Corporate Finance

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May 2019

Are Tokens Securities? An Anatomy of Initial Coin Offerings

Evgeny LYANDRES, Daniel RABETTI, Berardino PALAZZO
We construct a comprehensive dataset of initial coin offerings (ICOs) to study the determinants of ICO success, post-ICO returns, volatility and liquidity, and evolution of ICO-backed-ventures’ social media activity and productivity. Most of our results for ICOs are consistent with empirical regul...
Keywords: Token, initial coin offerings, volatility, liquidity
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2015

Are Shorts Equally Informed? A Global Perspective

Ekkehart BOEHMER, Zsuzsa. R. HUSZAR, Yanchu WANG, Xiaoyan ZHANG
Using a daily sample of 25 countries from 2006 to 2010, we examine whether information from shorts can significantly predict future stock returns across different countries. We construct seven shorting measures using past shorting transactions, and fees information in the lending market. The majorit...
Keywords: Pricing Efficiency, Short Selling, Costs of Short Selling, Short Sale Regulations
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2017

Are Mutual Fund Managers Paid for Investment Skill?

Ron KANIEL, Markus IBERT, Stijn VAN NIEUWERBURGH, Roine VESTMAN
Compensation of mutual fund managers is paramount to understanding agency frictions in asset delegation. We collect a unique registry-based dataset on the compensation of Swedish mutual fund managers. We find a concave relationship between pay and revenue, in contrast to how investors compensate the...
Keywords: Portfolio manager compensation, Mutual Fund Performance, financial sector income
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Annual Conference

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Accounting

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May 2022

Are ISS Recommendations Informative? Evidence from Assessments of Compensation Practices

Ana ALBUQUERQUE, Mary Ellen CARTER, Susanna GALLANI
Using detailed information from the largest proxy advisor in the U.S., Institutional Shareholder Services (ISS), we examine whether its assessments are able to identify a firm’s poor compensation practices as measured by subsequent performance. While prior research provides consistent evidence of ...
Keywords: Proxy advisors, CEO compensation, Say-on-Pay, Institutional shareholder voting
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Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Dec 2022

Are Foreign Investors Informed? Trading Experiences of Foreign Investors in China

Xiaoyan ZHANG, Donghui SHI, Christian T. LUNDBLAD, Zijian ZHANG
Using a proprietary dataset from 2016 to 2019, we find that order flows from foreign investors, facilitated by regulatory liberalization through several channels, present strong predictive power for future stock returns in the Chinese market. Most surprisingly, foreign investors possess the ability ...
Keywords: Foreign investors, the Chinese stock market, public information, market liberalization
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