Using a novel measure of own-investor secrecy, we find that non-disclosure to investors, unlike non-disclosure to public, does not signal hedge fund skill. Own-investor secretive funds do not significantly outperform transparent funds through an up market, and they significantly underperform...

We examine the impact of rivals' competitive activities on firms' quantity-of-capital constraints in 60 countries. Prior work shows that competition increases the costs of debt and equity, which reduce the economic profit from investment. Capital constraints, however, may prevent firms from...

Extant theory suggests that foreign ownership of shares of emerging-market (investable) firms may insulate them from local shocks. Examining 24 emerging markets, we find that the returns of both investable and non-investable firms are sensitive to local monetary policy shocks. Surprisingly, in...

One challenge when examining the links between macroeconomic risks and the size (SMB), value (HML) and momentum (WML) factors is the difficulty of obtaining direct measures of macroeconomic expectations. We examine these relations using changes in macroeconomic forecasts and surprises to proxy...