Prior work in emerging markets provides evidence of an association between corporate governance and firm market value (based on the trading prices of minority shares), more limited evidence of a causal relationship, but very little evidence on the channels through which governance may affect...

This paper examines whether investor heterogeneity can be used for asset-pricing purposes in emerging markets. We pose this question, since the lack of transparency and greater uncertainty, which are typical of those markets, render it more likely that investors will disagree with each other and...

This paper presents evidence of the shareholder wealth effect of institutional activism using its spillovers on non-target companies. The spillovers are instructive because they are a response to an exogenous shock and thus create an environment to conduct a clean event study. In particular, we...

We examine how investors strategically spoof the stock market by placing orders with little chance of being executed, but which mislead other traders into thinking there is an imbalance in the order book. Using the complete intraday order and trade data of the Korea Exchange (KRX) in a custom...

This paper presents evidence of the shareholder wealth effect of institutional activism using its spillovers on non-target companies. The spillovers are instructive because they are a response to an exogenous shock and thus create an environment to conduct a clean event study. In particular, we...

This paper examines whether investor heterogeneity can be used for asset-pricing purposes in emerging markets. We pose this question, since the lack of transparency and greater uncertainty, which are typical of those markets, render it more likely that investors will disagree with each other and...