We study how the heterogeneity in investment horizons of institutional investors affects the IPO market. We document the fact that short-term investors prefer more liquid stocks than long-term investors do and that IPO stocks are very liquid in the after-market. On this premise, we argue that...

We study whether mutual fund managers' voting behavior is affected by their political affinity with the portfolio firms' CEOs. We document that common political affinity induces the fund manager to come to the CEO's help when such help is required – i.e., especially during contentious proxy...

We examine the effect of the investor horizon of institutional bondholders (e.g., mutual bond funds and insurance companies) on the leverage of the firm using a novel dataset. Our main finding is that the investment horizon of the firm's bond investor base (measured as functions of (i) the...

We examine the effect of the investor horizon of institutional bondholders (e.g., mutual bond funds and insurance companies) on the leverage of the firm using a novel dataset. Our main finding is that the investment horizon of the firm's bond investor base (measured as functions of (i) the...

We study how the relative availability of bond and bank financing supply affects the firm's ability to use its leverage to buffer shocks, impacting the firm's stock and bond returns. We define a measure that proxies for the regional imbalance in the availability of bank and bond financing. We...

Using a unique dataset on the organizational structure of fixed income investors ndash; i.e., mutual funds and insurance companies ndash; we study the effects of organizational hierarchy on bond investing. Consistent with Stein (2002)'s theory of organizations, we find strong evidence that...

Based on the observed behavior of monetary aggregates and exchange rates, we classify inflation-stabilization episodes into two categories: de facto exchange rate-based stabilizations (ERBS) and non-ERBS. Unlike the standard de jure ERBS studied in the literature, de facto ERBS encompass cases...

This study aimed to estimate the cost-effectiveness and returns on investments of HIV prevention programs implemented during 2006-2010 and to identify the optimal allocation of resources across combinations of programs for an effective HIV prevention response to inform the prioritization of...