Standout Papers
Citation Impact
Citing Papers
Anticompetitive Effects of Common Ownership
2018 Standout
Governing Multiple Firms
2016
The Effect of Financial Development on Convergence
2005 StandoutNobel
Liquidity risk, leverage and long-run IPO returns
2004
Investor psychology in capital markets: evidence and policy implications
2002
Beliefs, Doubts and Learning: Valuing Macroeconomic Risk
2007 StandoutNobel
Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1
1998 StandoutNobel
Shareholder democracy in play: Career consequences of proxy contests
2014
The separation of ownership and control in East Asian Corporations
2000 Standout
Naive Diversification Strategies in Defined Contribution Saving Plans
2001 StandoutNobel
Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
2016
Product Market Competition in a World of Cross-Ownership: Evidence from Institutional Blockholdings
2017
Can the Market Add and Subtract? Mispricing in Tech Stock Carve‐outs
2003 StandoutNobel
Institutional tax clienteles and payout policy
2010
Social Interaction and Stock Market Participation
2001
Understanding earnings quality: A review of the proxies, their determinants and their consequences
2010 Standout
Seasoned public offerings: Resolution of the "new issues puzzle"
2014
Market Reactions to Tangible and Intangible Information
2006
Active Ownership
2015
Buying Shares and/or Votes for Corporate Control
2011
Is the Market Surprised by Poor Earnings Realizations Following Seasoned Equity Offerings?
2001
Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings
2001
New Evidence and Perspectives on Mergers
2001 Standout
Initial Public Offerings in Hot and Cold Markets
2004
Creditor Control Rights, Corporate Governance, and Firm Value
2012
Do Insiders Manipulate Earnings When They Sell Their Shares in an Initial Public Offering?
2004
Venture capital and the structure of capital markets: banks versus stock markets
1998 Standout
Why Do U.S. Firms Hold So Much More Cash than They Used To?
2009 Standout
The value of connections in turbulent times: Evidence from the United States
2016 StandoutNobel
Managerial Decisions and Long-Term Stock Price Performance
1998
Real Effects of Accounting Rules: Evidence from Multinational Firms’ Investment Location and Profit Repatriation Decisions
2010
Do Venture Capitalists Influence the Decision to Manage Earnings in Initial Public Offerings?
2006
Direct and Mediated Associations among Earnings Quality, Information Asymmetry, and the Cost of Equity
2011
Allocation of initial public offerings and flipping activity
2003
Detecting long-run abnormal stock returns: The empirical power and specification of test statistics
1997 Standout
Strategic IPO underpricing, information momentum, and lockup expiration selling
2002
Why Has IPO Underpricing Changed Over Time?
2002
“Angel” financing and public policy: An overview
1998
On the value relevance of customer satisfaction. Multiple drivers and multiple markets
2011
Does Earnings Management Affect Firms’ Investment Decisions?
2008
Disagreement, tastes, and asset prices
2006 StandoutNobel
New resources and new ideas: Private equity for small businesses
1998
Improved Methods for Tests of Long‐Run Abnormal Stock Returns
1999
Partial Adjustment to Public Information and IPO Underpricing
2002
DotCom Mania: A Survey of Market Efficiency in the Internet Sector
2001
Corporate Governance and Equity Prices
2003 Standout
Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences
2010
Profitability, investment and average returns
2006 StandoutNobel
The Value of a Statistical Life and the Coefficient of Relative Risk Aversion
2005
Underwriter choice and earnings management: evidence from seasoned equity offerings
2007
Making Sense of Cents: An Examination of Firms That Marginally Miss or Beat Analyst Forecasts
2009
Venture Capital Distributions: Short‐Run and Long‐Run Reactions
1998
Human Capital Risk and Economic Growth
2003
Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns
2001
Learning Under Ambiguity
2003
Market Timing and Capital Structure
2002 Standout
Are Financial Markets Overly Optimistic about the Prospects of Firms That Issue Equity? Evidence from Voluntary versus Involuntary Equity Issuances by Banks
1998
A Lobbying Approach to Evaluating the Sarbanes‐Oxley Act of 2002
2009
Contracts and Exits in Venture Capital Finance
2008
Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act
2011
Does the Pricing of Financial Reporting Quality Change Around Dividend Changes?
2006
Investor Psychology and Asset Pricing
2001 Standout
The Long‐Run Stock Returns Following Bond Ratings Changes
2001
Tax Changes and Asset Pricing
2009
Securities Lending, Shorting, and Pricing
2002
Social Interaction and Stock‐Market Participation
2004 Standout
Average Debt and Equity Returns: Puzzling?
2003 StandoutNobel
How Has CEO Turnover Changed?
2011
Implications of Data Restrictions on Performance Measurement and Tests of Rational Pricing
1999
In Search of Attention
2011 Standout
Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches
2008 Standout
Venture Capital and IPO Lockup Expiration: An Empirical Analysis
2000
Government policy and ownership of equity securities
2013
Individual Preferences, Monetary Gambles, and Stock Market Participation: A Case for Narrow Framing
2006 StandoutNobel
Earnings Management and the Long‐Run Market Performance of Initial Public Offerings
1998 Standout
Junior Can't Borrow: A New Perspective on the Equity Premium Puzzle
2002
Do the individuals closest to internet firms believe they are overvalued
2001
Predictability in Financial Analyst Forecast Errors: Learning or Irrationality?
2006
Earnings management, lawsuits, and stock-for-stock acquirers’ market performance
2008
Capital gains tax rates and the cost of capital for small business: evidence from the IPO market
1999
The Venture Capital Revolution
2001 Standout
Institutional Investors and Equity Prices
2001
Limited Arbitrage in Equity Markets
2002
Insider Reputation and Selling Decisions: The Unwinding of Venture Capital Investments During Equity IPOs
1997
Caveat Compounder: A Warning about Using the Daily CRSP Equal‐Weighted Index to Compute Long‐Run Excess Returns
1998 StandoutNobel
Analysts' Selective Coverage and Subsequent Performance of Newly Public Firms
2006
Investor Psychology and Security Market Under‐ and Overreactions
1998 Standout
Do Long‐Term Shareholders Benefit From Corporate Acquisitions?
1997
Creditor Control Rights, Corporate Governance, and Firm Value
2011
Securities lending, shorting, and pricing
2002
Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings
2001
Passive investors, not passive owners
2016
Assessing Alternative Proxies for the Expected Risk Premium
2005
The Long-Run Performance of Global Equity Offerings
2000
Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits
2005
Information content of equity analyst reports
2004
Heterogeneity, Selection, and Wealth Dynamics
2010
Capital markets research in accounting
2001 Standout
The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle
1998 Standout
Disappearing dividends: changing firm characteristics or lower propensity to pay?
2001 StandoutNobel
Catching Up with the Joneses: Heterogeneous Preferences and the Dynamics of Asset Prices
2000
The Persistence of IPO Mispricing and the Predictive Power of Flipping
1999
Dynamic Valuation Decomposition Within Stochastic Economies
2012 StandoutNobel
Do firms mislead investors by overstating earnings before seasoned equity offerings?
2000
Is accruals quality a priced risk factor?
2007
Growth versus Margins: Destabilizing Consequences of Giving the Stock Market What It Wants
2008 StandoutNobel
Financial reporting complexity and investor underreaction to 10-K information
2008
Post-IPO capital expenditures and market feedback
2002
Uniformly least powerful tests of market efficiency
2000
The Expiration of IPO Share Lockups
2001
Liquidity, pledgeability, and the nature of lending
2021 StandoutNobel
Strategic IPO Underpricing, Information Momentum, and Lockup Expiration Selling
2001
When to use and how to report the results of PLS-SEM
2018 Standout
Pseudo Market Timing and the Long‐Run Underperformance of IPOs
2003
Barriers to Mobility: The Lockout Effect of U.S. Taxation of Worldwide Corporate Profits
2010
DotCom Mania: The Rise and Fall of Internet Stock Prices
2003
The Quiet Period Goes out with a Bang
2003
Stock returns and the Miller Modigliani valuation formula: Revisiting the Fama French analysis
2013
Dissecting Anomalies
2008 StandoutNobel
Buys, holds, and sells: The distribution of investment banks’ stock ratings and the implications for the profitability of analysts’ recommendations
2005
A Review of IPO Activity, Pricing, and Allocations
2002 Standout
The Really Long‐Run Performance of Initial Public Offerings: The Pre‐Nasdaq Evidence
2003
The Effect of Financial Development on Convergence: Theory and Evidence*
2005 StandoutNobel
Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable’s Challenge
2013
Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks
1998
The irrelevance of the MM dividend irrelevance theorem☆
2005
The Equity Share in New Issues and Aggregate Stock Returns
2000
Disclosure of Intended Use of Proceeds and Underpricing in Initial Public Offerings
2007
Real Effects of Accounting Rules: Evidence from Multinational Firms’ Investment Location and Profit Repatriation Decisions
2010
Market-Based Corrective Actions
2009 Standout
Market liquidity as a sentiment indicator
2004
Special dividends and the evolution of dividend signaling
2000
Average Returns, B/M, and Share Issues
2008 StandoutNobel
The Effect of SOX Internal Control Deficiencies on Firm Risk and Cost of Equity
2008
The Relation between Analysts' Forecasts of Long-Term Earnings Growth and Stock Price Performance Following Equity Offerings
1999
Innovation and Institutional Ownership
2013 StandoutNobel
Hot Markets, Investor Sentiment, and IPO Pricing
2003
Long-term returns from equity carveouts1I have benefited from comments of seminar participants at the Case Western Reserve University, the University of Iowa, the University of Oklahoma, the Eighth Annual Conference on Financial Economics and Accounting at the State University of New York, Buffalo, and the Financial Management Association. I wish to thank Jeffrey Allen, Tom George, Inmoo Lee, Tim Loughran, Harry Paarsch, William Schwert (the editor), Ajai Singh, and Mike Stutzer for useful comments. I also wish to thank Yao-Min Chiang and Sterling Yan for valuable assistance with the data collection, and Eugene Fama for sharing the data used in developing the Fama–French three factor model. I am especially obliged to Brad Barber (the referee) for many comments that improved this paper substantially.1
1999
Investor Psychology in Capital Markets: Evidence and Policy Implications
2001
Stock repurchases as an earnings management device
2006
A five-factor asset pricing model
2014 StandoutNobel
Do exogenous changes in passive institutional ownership affect corporate governance and firm value?
2017
Investor Sentiment and the Cross‐Section of Stock Returns
2006 Standout
Managerial Decisions and Long‐Term Stock Price Performance
2000
A review of tax research
2010 Standout
Are IPOs Underpriced?
2001
A Review of Tax Research
2010
BARRIERS TO MOBILITY: THE LOCKOUT EFFECT OF U.S. TAXATION OF WORLDWIDE CORPORATE PROFITS
2010
VENTURE CAPITAL AND IPO LOCKUP EXPIRATION: AN EMPIRICAL ANALYSIS
2001
Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act
2010
Evolution and Intelligent Design
2008 StandoutNobel
Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut
2005
The Persistence of IPO Mispricing and The Predictive Power of Flipping
2000
The financial reporting environment: Review of the recent literature
2010 Standout
Leverage, Liquidity, and Long-Run IPO Returns
2000
New lists: Fundamentals and survival rates
2004 StandoutNobel
The Relation between Analysts' Forecasts of Long‐Term Earnings Growth and Stock Price Performance Following Equity Offerings*
2000
The Market Price of Aggregate Risk and the Wealth Distribution
2009
Market Reactions to Tangible and Intangible Information
2001
Effect of Analysts' Optimism on Estimates of the Expected Rate of Return Implied by Earnings Forecasts
2007
Stocks are special too: an analysis of the equity lending market
2002
Inventory policy, accruals quality and information risk
2008
Junior is rich: bequests as consumption
2006
Stocks as Lotteries: The Implications of Probability Weighting for Security Prices
2008
Voluntary Disclosure, Earnings Quality, and Cost of Capital
2008
The economic implications of corporate financial reporting
2005 Standout
The Really Long-Run Performance Of Initial Public Offerings:
The Pre-NASDAQ Evidence
2001
Subjective Expectations and Asset-Return Puzzles
2007
Pseudo Market Timing and the Long-Run Performance of IPOs
2001
A Catering Theory of Dividends
2004
Market Efficiency, Long-Term Returns, and Behavioral Finance
1997 StandoutNobel
Works of Alon Brav being referenced
The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes?
2008
Managerial Response to the May 2003 Dividend Tax Cut
2008
Using Expectations to Test Asset Pricing Models
2005
The Role of Lockups in Initial Public Offerings
2003
An Empirical Analysis of Analysts' Target Prices: Short‐term Informativeness and Long‐term Dynamics
2003
Hedge Funds Activism, Corporate Governance, and Firm Performance
2006
Is the Abnormal Return Following Equity Issuances Anomalous?
2000
Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence
2002
The Real Effects of Hedge Fund Activism: Productivity, Risk, and Product Market Competition
2011
Inference in Long Horizon Event Studies: A Bayesian Approach with Application to Initial Public Offerings
1998
Using Expectations to Test Asset Pricing Models
2003
The Role of Lockups in Initial Public Offerings
2002
Empty voting and the efficiency of corporate governance
2010
Hedge Fund Activism: A Review
2009
Competing Theories of Financial Anomalies
2002
Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies
1997
Activist arbitrage: A study of open-ending attempts of closed-end funds
2009
How does hedge fund activism reshape corporate innovation?
2018
Payout Policy in the 21st Century
2004
Payout policy in the 21st century
2005 Standout
The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes?
2009
The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes
2015
The Effect of the May 2003 Dividend Tax Cut on Corporate Dividend Policy: Empirical and Survey Evidence
2008
Is the abnormal return following equity issuances anomalous?
2000
Hedge Fund Activism, Corporate Governance, and Firm Performance
2008
Did ERISA's Prudent Man Rule Change the Pricing of Dividend Omitting Firms?
1998
Inference in Long‐Horizon Event Studies: A Bayesian Approach with Application to Initial Public Offerings
2000
Insider Trading Subsequent to Initial Public Offerings: Evidence from Expirations of Lock-Up Provisions
2000
Myth or Reality? The Long‐Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital‐Backed Companies
1997
Managerial Response to the May 2003 Dividend Tax Cut
2007