This paper employs the National Longitudinal Survey of Youth in the US to study the birth process. We develop a simultaneous equations model with seven endogenous variables: four birth inputs (maternal smoking, maternal drinking, first trimester prenatal care, and maternal weight gain), three...

We identify important conflicts of interests among shareholders and examine their effects on corporate decisions. When a firm is considering an action that affects other firms in its shareholders' portfolios, shareholders with heterogeneous portfolios may disagree about whether to proceed. This...

We explore whether compensation policies in bidding firms counter or exacerbate agency conflicts by examining CEO pay and incentives around corporate takeovers. We find that even in mergers where bidding shareholders are worse off, bidding CEOs are better off three quarters of the time. In fact,...

One striking feature of international portfolio investment is the extent to which equity portfolios are concentrated in the domestic equity market of the investor - the home bias puzzle. In this paper, I examine the role of investors' perception of the risk of foreign investment on their...

We apply Bayesian methods to study a common VAR-based approach for decomposing the variance of excess stock returns into components reflecting news about future excess stock returns, future real interest rates, and future dividends. We develop a new prior elicitation strategy which involves...

This study offers a simultaneous equations model of the birth process with seven endogenous variables: Four birth inputs (maternal smoking, maternal drinking, first trimester prenatal care, and maternal weight gain) and three birth outputs (gestational age, birth length, and birth weight). The...

We take a closer look at the question of whether dual traders in futures markets are indeed informed traders. Underpinning this question is the intuition that a dual trader's decision to trade on his own account is not random, but is endogenously determined by his expectations of trading profits...

Using proprietary audit trail transaction data compiled by the Commodity Futures Trading Commission, we investigate, at the individual trader level, (1) the timing and (2) the determinants of dual traders' personal trades. Our analysis reveals an absence of any trade timing by dual traders in...

We examine the pricing of initial public offering (IPO) and seasoned equity offering (SEO) firms using a stochastic frontier methodology. The stochastic frontier framework models the difference between the maximum possible value of the firm and its actual market capitalization at the time of the...

This study offers a simultaneous equations model of the birth process with seven endogenous variables: four birth inputs [maternal smoking (S), maternal drinking (D), first trimester prenatal care (PC), and maternal weight gain (WG)], and three birth outputs [gestational age (G), birth length...