Based on a sample of 7,378 firms going public in the 1975-2005 period, we document a significant underperformance of IPO firms over the first year after going public, while there is virtually no underperformance thereafter. Moreover, by decomposing the Carhart-alpha we find that IPO...

We present a regression-based generalization of the calendar time portfolio approach which allows for decomposing the risk-adjusted performance of private investors (or firms or mutual funds) into multivariate and continuous subject characteristics. Our technique remedies several well-known...

Based on a new methodological framework we investigate IPO (under-)performance in asample of 7,378 firms going public in the 1975-2005 period. We explicitly vary the time horizonin our analysis and document a significant underperformance of IPO firms over the firstyear after going public, while...

Using a comprehensive set of firms from 57 countries over the 2000–2016 period, we examine the relation between institutional investor horizons and firm-level credit ratings. Controlling for firm- and country-specific factors, as well as for firm fixed effects, we find that larger long-term...

Using a large dataset of firms from 35 countries, we study the country-level determinants of institu-tional investors' investment horizons around the world. We document that an equity investor-friendly institutional environment is more important for long-term investors, while short-term...

We examine the effect of economic policy uncertainty on the relation between investment and the cost of capital. Using the news-based index developed by Baker, Bloom, and Davis (2016) for twenty-one countries, we find that the strength of the negative relation between investment and the cost of...