This study analyzes corporate expenditures for property, plant and equipment (PPamp;E) and research and development (Ramp;D) for over 2,500 firms from 1987 to 1994. We document a positive relation between expenditures for PPamp;E and Ramp;D and institutional share ownership. This relation is...

The probability of entry/exit of dealers on the NASDAQ National Market (NNM) is significantly affected by trading intensity, volatility and the quoted bid-ask spread. Entry and exit of market makers is a pervasive phenomenon. Large scale entry (exit) is associated with substantial declines...

This paper studies the efficacy of pension fund activism by examining all firms targeted by nine major funds from 1987 to 1993. I document a movement away from takeover-related proxy proposal targetings in the late 1980s to governance-related proxy proposal and non-proxy proposal targetings in...

This paper examines the determinants and effects of entry and exit of market makers on the National Market System. Entry is associated with an increase in trading volume, a temporary increase in volatility and a permanent decline in the bid-ask spread. Exit, on the other hand, is accompanied by...

We study 120 rights offerings by closed-end funds over 1988-1998. On average, rights offerings are announced when funds trade at a premium. This premium turns into a discount over the course of the offering. The premium decline is more severe when the increases in investment advisor's...

We study 120 rights offerings by closed-end funds over 1988-1998. On average, rights offerings are announced when funds trade at a premium. This premium turns into a discount over the course of the offering. The premium decline is more severe when the increases in investment advisor's...

This paper examines the release of trades to the brokerage industry; proprietary data on the trades of 33 institutions totaling $124 billion allow us to distinguish between trades directed to soft dollar brokers and those directed to brokers for pure execution purposes. We find that...

Barberis and Shleifer (2003) argue that style investing generates (a) comovement between individual assets and their styles, and (b) momentum and reversals in both style and asset returns. These predictions imply that one can use comovement to assess the impact of style investing on asset-level...

We examine the impact of the entry of new mutual funds on incumbents using the overlap in their portfolio holdings as a measure of competitive intensity. This simple metric delivers powerful economic results. Incumbents that have a high overlap with entrants subsequently engage in price...