Now showing items 41-50 of 50

    • The Role of Human Capital: Evidence From Patent Generation 

      Liu, Tong; Mao, Yifei; Tian, Xuan (2017-05-01)
      Firms exhibit persistence in innovation output. This paper focuses on the role played by individual inventors. Compared to firm organizational capital, human capital embedded in inventors explains a majority of the variation ...
    • The Tension between Monetary Policy and Financial Stability: Evidence from Agency Mortgage REITs 

      Frame, W. Scott; Steiner, Eva (2017-06-22)
      The prolonged use of unconventional monetary policies since the financial crisis has resulted in concerns about the potential for such policy accommodation to undermine financial stability. Recent research identifying a ...
    • Trading in the Presence of Short-Lived Private Information: Evidence from Analyst Recommendation Changes 

      Kadan, Ohad; Michaely, Roni; Moulton, Pamela (2015-12-07)
      We study how short-lived private information affects trading strategies and liquidity provision. Our empirical identification rests on information acquisition before analyst recommendations are publically announced. ...
    • Unleashing Innovation 

      Mao, Yifei; Tian, Xuan; Yu, Xiaoyun (2014-11-01)
      Using a sample of venture capital (VC)-backed initial public offering (IPO) firms, we study the effect of financial intermediaries’ tight leash on entrepreneurs’ innovation productivity. We find that financial intermediaries’ ...
    • Using Cash Flow Dynamics to Price Thinly Traded Assets 

      Boudry, Walter I.; Liu, Crocker H.; Mühlhofer, Tobias; Torous, Walter N. (2015-10-26)
      Are cash flows informative and predictive in valuing thinly traded assets? We investigate the extent to which cash-flow and discount-factor information plays a role in pricing thinly traded assets. We focus on pricing the ...
    • Using Cash Flow Dynamics to Price Thinly Traded Assets: The Case of Commercial Real Estate 

      Boudry, Walter I.; Liu, Crocker H.; Mühlhofer, Tobias; Torous, Walter N. (2014-10-28)
      Previous studies of share repurchase have primarily focused on examining announcement effects and long-term operating performance in order to distinguish among the diverse possible hypotheses for repurchase. One of the ...
    • What Really Happens During Flight to Safety: Evidence from Real Estate Markets 

      Boudry, Walter I.; Connolly, Robert A.; Steiner, Eva (2018-05-15)
      Flight to safety (FTS) affects the markets for risky assets such as stocks, corporate bonds, and commodities. Yet, little is known about the effects on commercial real estate. We show that REITs offer a partial hedge against ...
    • Where Are the Shareholders’ Mansions? CEOs’ Home Purchases, Stock Sales, and Subsequent Company Performance 

      Liu, Crocker H.; Yermack, David (2007-10-17)
      We study real estate purchases by major company CEOs, compiling a database of the principal residences of nearly every top executive in the Standard & Poor’s 500 index. When a CEO buys real estate, future company performance ...
    • Where, When and How Do Sophisticated Investor Respond to Flood Risk? 

      Eichholtz, Piet M. A.; Steiner, Eva; Yönder, Erkan (2019-06-01)
      While the empirical evidence on the pricing of flood risk exposure in residential real estate held by uninformed households is mixed, this study shows that sophisticated investors in commercial real estate markets rationally ...
    • Who Trades With Whom, and When? 

      Moulton, Pamela (2006-06-09)
      This paper examines empirically how market participants meet on the NYSE to form trades. Pure floor trades, involving only floor brokers and the specialist, account for only 4% of trading volume in the average stock, while ...