Finance Working Papers

Finance

Reena Aggarwal – Professor of Business Administration and Finance

• Influence of Public Opinion on Investor Voting and Proxy Advisors?
• Fraud, Market Reaction, and Role of Institutional Investors in Chinese Listed Firms
• Economic Consequences of Corporate Governance Mandates for Poorly Governed Firms
• The Role of Institutional Investors in Voting: Evidence from the Securities Lending Market
• The Growth of Global ETFs and Regulatory Challenges

James Angel – Associate Professor

• Investigating El Niño‐Southern Oscillation and Society Relationships
• When Finance Meets Physics: The Impact of the Speed of Light on Financial Markets and Their Regulation
• The Ethics of Payments: Paper, Plastic or Bitcoin?
• When Finance Meets Physics: The Impact of the Speed of Light on Financial Markets and Their Regulation

Turin Bali – Robert S. Parker Chair Professor of Business Administration

• Analyst Price Target Expected Returns and Option Implied Risk
• Betting Against Beta or Demand for Lottery
• Macroeconomic Uncertainty and Expected Stock Returns
• Tail Thickness in Stock Return Distributions: A Market Microstructure Explanation
• The Join Cross Sections of Stocks and Options
• Macroeconomic Risk and Hedge Fund Returns
• Hybrid Tail Risk and Expected Stock Returns: When Does the Tail Wag the Dog?
• Option Implied Volatility, Skewness, and Kurtosis and the Cross-Section of Expected Stock Returns
• Risk, Uncertainty, and Expected Returns
• The Conditional CAPM Explains the Value Premium
• Systematic and Idiosyncratic Risk in the Cross-Section of Price Target Expected Returns
• Dynamic Conditional Beta is Alive and Well in the Cross-Section of Daily Stock Returns (with Robert F. Engle and Yi Tang)
• Liquidity Shocks and Stock Market Reactions
• Do Hedge Funds Outperform Stocks & Bonds?
• A New Approach to Measuring Riskiness in the Equity Market: Implications for the Risk Premium
• Investing in Stock Market Anomalies
• Implied Volatility Spreads and Expected Market Returns
• A New Approach to Measuring Riskiness in the Equity Market: Implications for the Risk Premium
• Does Risk-Neutral Skewness Predict the Cross-Section of Equity Option Portfolios Returns?
• Implied Volatility Spreads and Expected Market Returns
• Investing in Stock Market Anomalies

George Comer – Associate Professor

• International Mutual Funds: MSCI Benchmarks and Portfolio Evaluation

Sandeep Dahiya – Associate Professor

• A Theoretical Framework for Evaluating Debtor-in-Possession Financing
• The Role of Private Equity Investments in Public Companies: International Evidence
• Do Shareholder Rights Affect Syndicate Structure? Evidence From a Natural Experiment
• Firm Opacity Lies in the Eye of the Beholder

Lee Pinkowitz – Associate Professor

• Revenue Adequacy: The Good, the Bad, and the Ugly
• Do U.S. Firms Hold More Cash?
• Is there a U.S. High Cash Holdings Puzzle After the Financial Crisis?
• Multinationals and the High Cash Holdings Puzzle

Alberto Rossi – Associate Professor of Finance

• An Inside Look into Cryptocurrency Exchanges
• The Promises and Pitfalls of Robo-Advising

David A. Walker – John A. Largay Professor Emeritus

• The 2020 U.S. Presidential Election: déjà vu All Over Again?

Rohan Williamson – Professor; Stallkamp Research Fellow

• Do U.S. Firms Hold More Cash?
• Can Firms Loosen Financial Constraints?
• Is there a U.S. High Cash Holdings Puzzle After the Financial Crisis?
• Financing Constraints and Acquisitions
• Multinationals and the High Cash Holdings Puzzle

Jie Yang – Assistant Professor

• Patent Litigation and Shareholder Value: The Impact of Defendant Cash Holdings
• Options, Risks, and the Value of Financial Flexibility: Implications for Finance Constraints
• Can Firms Loosen Financial Constraints?
• Financing Constraints and Acquisitions
• The Impact of Financing Constraints on Capital Structure
• Firm Performance and Changes in Institutional Ownership
• Patent Litigation and Cost of Capital
   

Accounting

Preeti Choudhary – Assistant Professor

• The Impact of Auditor-Provided Tax Services on Tax Accrual Quality
• Assessing Financial Reporting Risk in the Income Tax Accrual
• Do Auditor-Provided Tax Services Impair Independence or Generate Knowledge Spillover?
• Boards, Auditors, Attorneys and Compliance with Mandatory SEC Disclosure Rules
• Assessing the Quality of the Income Tax Accrual
• Evidence that Market Participants Assess Recognized and Disclosed Items Similarly when Reliability is not an Issue
• Disclosure Timing and the Economic Role of Mandatory Reporting: Evidence from Managers’ Decisions to File Audited Reports Early
• Timeliness of Form 10-K, Firm Financial Performance and Information Uncertainty
• Evidence on differences between Recognition and Disclosure: A Comparison of Inputs to Estimate Fair Values of Employee Stock Options

Jason Schloetzer – Assistant Professor 

• The Activism of Carl Icahn and Bill Ackman
• Global Trends in Board-Shareholder Engagement
• CEO Succession Practices: 2012 Edition
• Boards, Auditors, Attorneys and Compliance with Mandatory SEC Disclosure Rules
• Preparing for a Succession Emergency: Learning from Unexpected CEO Departures
• Economic Consequences of Corporate Governance Mandates for Poorly Governed Firms
• Disclosure Timing and the Economic Role of Mandatory Reporting: Evidence from Managers’ Decisions to File Audited Reports Early
• Does Filing Form 10-K Early Matter?

Vicki Tang – Associate Professor

• Proprietary Costs of Mandatory Disclosure and the Decision to First Access the Public Market