We study the conglomerate discount from a novel perspective. We argue that the discount – measured in terms of Tobin's Q – far from being a sign of lower value is, instead, a sign of higher value for the conglomerate. This can be explained as conglomerates being less financially constrained...

We study how product market competition affects the firm's ownership by international and domestic investors and its stock performance. We argue that in the presence of local bias domestic investors tilt their portfolios towards domestic stocks that offer lower exposure to country-specific...

We document that in M&As a significant proportion of targets' equity is owned by financial institutions that simultaneously own targets' bonds (“dual holders”). Targets with larger equity ownership by dual holders have lower M&A equity premia and larger abnormal bond returns, particularly...

We study how the existence of cutoffs in credit scores affects the behavior of homebuyers. Borrowers are more likely to purchase houses after their credit scores cross over a cutoff to qualify them for a higher credit score bin. However, the credit accounts of these individuals (crossover group)...

We study how the existence of cutoffs in credit scores affects the behavior of homebuyers. Borrowers are more likely to purchase houses after their credit scores cross over a cutoff to qualify them for a higher credit score bin. However, the credit accounts of these individuals (crossover group)...