Now showing items 7-26 of 51

    • Capital Expenditures, Asset Dispositions, and the Real Estate Cycle 

      Ambrose, Brent W.; Steiner, Eva (2017-05-01)
      Recent empirical research provides evidence on the asset disposition choices of individual and institutional real estate investors that is consistent with the `disposition effect'. We propose a value-add investment strategy ...
    • Customer Concentration and Cost Structure 

      Chang, Hsihui; Hall, Curtis M.; Paz, Michael (2017-04-01)
      This study examines the effects of customer concentration levels on firm cost structure decisions. Analyzing cost data from a sample of manufacturing firms from 1976 through 2013, we find a negative relationship between ...
    • Diversification Benefits of REIT Preferred and Common Stock: New Evidence from a Utility Based Framework 

      Boudry, Walter I.; deRoos, Jan A.; Ukhov, Andrey D. (2014-09-10)
      We study the diversification benefits of REIT preferred and common stock using a utility based framework in which investors segment based on risk aversion. Taking the view of a long run investor, we conduct our analysis ...
    • Do Individuals or Firms Matter More? The Case of Patent Generation 

      Liu, Tong; Mao, Yifei; Tian, Xuan (2016-04-01)
      This paper studies the relative importance of individual inventors’ human capital and firms’ organizational capital in promoting a firm’s innovation output. We decompose the variation in innovation output into inventor- ...
    • Do Stock Prices Move Too Much to Be Justified by Changes in Cash Flows? New Evidence from Parallel Asset Markets 

      Muhlhofer, Tobias; Ukhov, Andrey D. (2012-01-01)
      We take advantage of two parallel markets for a set of cash flows to show that better cash flow measurement improves the performance of a dividend discount model. Unlike previous literature, we use out-of-sample estimation. ...
    • Economic Fundamentals, Capital Expenditures and Asset Dispositions 

      Ambrose, Brent; Steiner, Eva (2017-09-20)
      Research on the disposition effect in real assets to date ignores the active management component of these investments. Active management notably includes decisions about follow-up investment in the form of capital ...
    • Evaluating Stock Price Volatility: The Case of REITs 

      Kallberg, Jarl; Liu, Crocker H.; Srinivasan, Anand (1998-03-15)
      One of the most controversial topics in modem financial economics is "excess volatility:" the notion that stock prices move too much to be explained by fundamental economic and firm-specific factors. This article measures ...
    • Farm Mechanization and Rural Migration in the Great Depression 

      Boone, Christopher; Wilse-Samson, Laurence (2019-01-14)
      We study sectoral labor realloaction in the U.S. during the Great Depression by examining transitions between the farm and nonfarm sectors as well as movement within the farm sector. Towns and cities that are hit harder ...
    • Financial Flexibility and Manager-Shareholder Conflict: Evidence from REITs 

      Riddiough, Timothy; Steiner, Eva (2017-06-01)
      We show empirically that the use of unsecured debt, which contains standardized covenants that place limits on total leverage and the use of secured debt, is associated with lower and more stable leverage outcomes. We then ...
    • Financial Globalization and Risk Sharing: Welfare Effects and the Optimality of Open Markets 

      Trzcinka, Charles A.; Ukhov, Andrey D. (2006-01-01)
      To study the welfare effects of investment barriers and the opening of markets to foreigners, we construct an equilibrium model of international asset pricing without agency costs that allows endogenous market participation ...
    • Financial Innovation and Russian Government Debt Before 1918 

      Ukhov, Andrey D. (2003-05-05)
      In this paper I describe debt instruments issued by the Russian Imperial Government. At the beginning of the 20th century, the Russian government was the largest borrower in the world. Russian government bonds were traded ...
    • How Does Human Capital Matter? Evidence from Venture Capital 

      Gu, Lifeng; Huang, Ruidi; Mao, Yifei; Tian, Xuan (2017-12-01)
      We investigate the effects of human capital mobility on venture capital (VC) investment and outcomes. To establish causality, we use a difference-in-differences approach that relies on plausibly exogenous variations generated ...
    • Individual Investors and the Financial Crisis 

      Liu, Crocker H.; Wang, Na (2014-01-01)
      This paper studies the trading behavior of individual Chinese investors before and during the recent financial crisis. We have three major findings: (i) individual investors did not withdraw their capital from the equity ...
    • Is There Excess Comovement in the U.S. Real Estate Markets 

      Kallberg, Jarl; Liu, Crocker H.; Pasquariello, Paolo (2007-09-14)
      This study addresses the recent performance of the U.S. residential real estate market. We investigate the comovement among Case-Shiller Home Price Indices for 14 metropolitan areas from January 1987 to October 2006. We ...
    • Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America 

      Mao, Yifei; Wang, Jessie Jiaxu (2018-03-18)
      This paper establishes labor scarcity as an important economic channel through which access to finance shapes technological innovation. We exploit antebellum America, a unique setting with (1) staggered passage of free ...
    • Learning to Become a Taste Expert 

      LaTour, Kathryn A.; Deighton, John (2018-06-01)
      Evidence suggests that consumers seek to become more expert about hedonic products to enhance their enjoyment of future consumption occasions. Current approaches to becoming expert center on cultivating an analytic mindset. ...
    • Leverage, Volatile Future Earnings Growth and Expected Stock Returns 

      Alcock, Jamie; Steiner, Eva; Tan, Kelvin Jui Keng (2014-08-07)
      We provide theory and evidence to complement Choi's [RFS, 2013] important new insights on the returns to equity in `value' firms. We show that higher future earnings growth ameliorates the value-reducing effect of leverage ...
    • Living with Terminal Capitalization Rates: A Look at Real Estate Valuation Model Parameter Setting 

      Corgel, Jack; Lee, Hyun Seok (2011-04-10)
      This paper examines assumptions about future prices used in real estate applications of DCF models. We confirm both the widespread reliance on an ad hoc rule of increasing period-zero capitalization rates by 50 to 100 basis ...
    • Managing Innovation: The Role of Collateral 

      Mao, Yifei (2015-01-01)
      This paper studies how credit constraints impact the management of corporate innovation. Specifically, my experiment exploits exogenous variations in the collateral value of real estate assets as shocks to firms’ credit ...
    • On Investor Preferences and Mutual Fund Separation 

      Dybvig, Philip; Liu, Fang Ph.D (2014-09-01)
      We extend Cass and Stiglitz’s analysis of preference-based mutual fund separation. We show that high degrees of fund separation can be constructed by adding inverse marginal utility functions exhibiting lower degrees of ...