We examine how the exemption of short sale uptick tests due to the Regulation SHO pilot program affects managers’ decisions to abandon value-reducing acquisition attempts We find that when deciding whether to abandon value-reducing acquisition attem

This paper focuses on estimating the coefficients and average partial effects of observed regressors in nonlinear panel data models with interactive fixed effects, using the common correlated effects (CCE, hereafter) framework The proposed two-step estim

Export activity shapes workers’ experience-wage profiles Using detailed employer-employee and customs data for Brazilian manufacturing, we document that workers’ experience-wage profiles are steeper at exporters than at non-exporters and, among ex

This paper considers the one-way trading problem with fixed costs where the trader can only trade in one direction throughout, either sell or buy, and he only knows limited information on price fluctuations beforehand We construct a robust optimization m

It is commonly recognized that a major issue of robust optimization is the tendency to produce overly conservative solutions To address this issue, a new regret-based criterion with a single control parameter is proposed and axiomatized to offer smooth c

We study how leasing plays a novel role in improving total factor productivity (TFP) by facilitating entry and technology adoption As a form of more collateralizable financing, leasing provides additional nancing for investment required in a productive

We find that institutional investors’ local culture of religiosity influences their stock lending decisions and short-sell constraints Firms with higher ownerships by blockholders located in more religious counties are associated with higher utilizatio

We investigate the relationship between media negativity on foreign countries and flows to country specific interna

​We document that the duration of investors’ information processing time improves the price discovery efficiency following public macroeconomic announcements

This research examines the usefulness of new proposed equity premium predictors through their superior out-of-sample forecasting gains relative to the historical average return method and currently well-known spillover indices (Diebold and Yilmaz, 2009)