Purpose: The corporate finance literature has largely treated individual managers as uniform entities, leaving unexplained the large heterogeneity in corporate practices. The authors explore whether educational background attributes, such as a bachelor's degree from an elite institution and the...

In this paper, we examine IPO price behavior in the medium-term aftermarket. Our baseline is the first-day closing price - a price at which ordinary investors can buy the IPO stock. We examine the cumulative market-adjusted return over a six-month period and record whether and when it breaches a...

The housing market crash in 2007 followed by a banking crisis and deep recession led to many underwater mortgages and a large shadow inventory of unsold properties. An innovative mechanism that may be playing a role in lowering inventories is the emergence of rent-to-own (RTO) housing contracts....

We document significant momentum effects in the high-tech IPO aftermarket beyond the initial (underpricing) run-up. Cumulative market-adjusted returns (CMARs) reveal a striking pattern. A local peak of just over 10 percent is reached around 20 trading days post-IPO coinciding with the expiry of...

A number of theoretical models, loosely characterized under the rubric of behavioral finance, suggest that price convergence to value is far from instantaneous and possibly involves interplay between noise and informed traders. The divergence of market price from fundamental value is more likely...