This paper empirically investigates directors' ownership in the mutual fund industry. Our results show that, contrary to anecdotal evidence, a significant portion of directors hold shares in the funds they oversee. Ownership patterns are broadly consistent with an optimal contracting...

Using both a linear regression method and a probability-based method, we find that on average, analysts place larger than efficient weights on (i.e., they overweight) their private information when they forecast corporate earnings. We also find that analysts overweight more when issuing...

The paper provides empirical evidence that strategic complementarities among investors generate fragility in financial markets. Analyzing mutual fund data, we find that, consistent with a theoretical model, funds with illiquid assets (where complementarities are stronger) exhibit stronger...

type="main" <title type="main">ABSTRACT</title> <p>This paper analyzes the effects of public information in a perfect competition trading model populated by asymmetrically informed short-horizon investors with different levels of private information precision. We first show that information asymmetry reduces the amount of...</p>

Accurate sea-level rise (SLR) vulnerability assessments are essential in developing effective management strategies for coastal systems at risk. In this study, we evaluate the effect of combining vertical uncertainties in Light Detection and Ranging (LiDAR) elevation data, datum transformation...

Sea-level rise (SLR) threatens islands and coastal communities due to vulnerable infrastructure and populations concentrated in low-lying areas. LiDAR (Light Detection and Ranging) data were used to produce high-resolution DEMs (Digital Elevation Model) for Kahului and Lahaina, Maui, to assess...