Publications:
- “Myth or Reality? The Long-Run Underperformance
of Initial Public Offerings: Evidence from Venture and Non-Venture-Backed
Companies” with Paul Gompers, Journal of
Finance. Vol.52, no.5, December 1997.
-- Awarded
the Smith Breeden Distinguished Paper in 1998.
-- Reprint
in Venture Capital, ed. Mike Wright,
Harry J. Sapienza and Lowell W. Busenitz.
-- Reprint in Empirical corporate finance Volume 1, ed. Michael J. Brennan, Edward Elgar Publishing.
- “Is the
Abnormal Return Following Equity Issuances Anomalous?" with Chris Geczy
and Paul Gompers, Journal of Financial Economics 56, 2000.
- “Inference in Long-Horizon
Event Studies: A Bayesian Approach with Application to Initial Public Offerings,”
Journal of Finance 55, no.5, 2000.
- “Competing Theories of
Financial Anomalies” with J.B. Heaton, Review
of Financial Studies 15 no.2, 2002.
-- Awarded
the Barclays Global Investors (BGI) Michael Brennan Award in 2003.
-- Reprint in The Psychology of World Equity Markets -ed. by Werner DeBondt. Edward Elgar Publishing Ltd.
- "The Role of Lock-ups in Initial Public Offerings" with Paul Gompers, Review of
Financial Studies 16 no.1, 2003. (Lead Article).
- “Asset Pricing with
Heterogeneous Consumers: Empirical Evidence” with George Constantinides and
Chris Geczy, Journal of Political Economy 110 no. 4, 2002.
-- Reprint in Financial Markets and the Real Economy– ed. John H. Cochrane.
Edward Elgar Publishing Ltd.
- “An Empirical Analysis of
Analysts' Target Prices: Short Term Informativeness and Long Term Dynamics”
with Roby Lehavy, Journal of Finance 58
no. 5, 2003.
-- Nominated for the 2003 Smith Breeden prize.
- “Market Indeterminacy”, with J.B. Heaton, The Journal
of Corporation Law 28(4), 2003.
- "The Rational-Behavioral
Debate in Financial Economics", with J.B. Heaton and Alexander Rosenberg, Journal of Economic Methodology 11(4)
2004. (Lead Article).
-- Reprint in the ICFAI Journalof
Behavioral Finance 1 (3) 2004.
- “Payout policy in the 21st century”, with John
R. Graham, Campbell R. Harvey, and Roni Michaely, Journal of Financial Economics
77 no.3, September 2005. (Lead Article).
--
Jensen Prize for the best corporate finance paper published in the Journal
of Financial Economics.
-- The data used in the
payout survey
can be downloaded here.
- "Using Expectations to test asset pricing models”
with Reuven Lehavy and RoniMichaely, Financial
Management Autumn 2005.
-- The long-term expectations
used in this paper can be downloaded
here.
- "Managerial Response to the May 2003 Dividend Tax Cut," with John Graham, Campbell Harvey, and Roni Michaely, Financial Management, Winter 2008.
- “Hedge Fund Activism, Corporate Governance, and Firm Performance,”
with Wei Jiang, Frank Partnoy, and Randall Thomas, Journal of Finance 63(4), August 2008.
- "Evidence
on the Tradeoff between Risk and Return for IPO and SEO Firms,” with
Roni Michaely, Michael Roberts, and Rebecca Zarutskie, forthcoming Financial Management.
- "Returns to Hedge Fund Activism,'' with Wei Jiang, Frank Partnoy, and Randall Thomas, Financial Analysts Journal 64(6), November/December 2008.
- "The
Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes?,"
with Michael W. Brandt, John R. Graham, and Alok Kumar, Review of Financial Studies (conditional acceptance).
Working Papers:
|
Title
|
Availability
|
| "Empty Voting and the Efficiency of Corporate Governance," with Richmond D. Mathews. | yes |
|
“Payout Policy in the 20th Century: The Data” with
John R. Graham, Campbell R.
Harvey, and Roni Michaely.
|
yes
|
| "The Limits of the Limits of Arbitrage" with J.B. Heaton | yes |
|
“Evidence on the Tradeoff between Risk and Return for
IPO and SEO Firms,” with Roni Michaely, Michael Roberts, and Rebecca
Zarutskie.
|
yes
|
|
“Activist Arbitrage: A Study of Open-Ending Attempts of Closed-End Funds,” with Michael Bradley, Itay
Goldstein, and Wei Jiang.
|
yes
|
|
“Did ERISA's prudent man rule change the
pricing of dividend omitting firms?” with J.B. Heaton.
|
Yes
|
|
“Explaining the Underperformance of
Initial Public Offerings: A Cumulative Prospect Utility Approach” with J.B.
Heaton.
|
Yes
|
|
“An Empirical Resurrection of the Simple
Consumption CAPM with Power Utility” with Chris Geczy.
|
Yes
|