Working Paper
Economic Crisis and Share Price Unpredictability: Reasons and Implications
During the recent financial crisis, there was a dramatic spike, across all industries, in the volatility of individual firm share prices after...
Read moreNoisy Factors
The Fama-French factors are ubiquitous in empirical finance. We find that factor returns differ substantially depending on when the data were...
Read moreDebt, Equity, and Hybrid Decoupling: Governance and Systemic Risk Implications
We extend here our prior work, which focused on equity decoupling (Hu and Black, 2006, 2007, 2008), by providing a systematic treatment of debt...
Read moreSmart Buyers
We study transactions in which sellers fears being underpaid because their outside option is better known to the buyer. We rationalize various observed...
Read morePolitical Determinants of Competition in the Mobile Telecommunication Industry
We study how political factors can shape competition in the mobile telecommunication sector. We show that the way a government designs the rules of the...
Read moreBanning Cassandra from the Market? An Empirical Analysis of Short-Selling Bans during the Covid 19 Crisis
During the recent COVID-19 pandemic crisis, stock markets around the world have witnessed an abrupt decline in security prices and an unprecedented...
Read moreThe Deep-Pocket Effect of Internal Capital Markets
We provide evidence suggesting that incumbents’ access to group deep pockets has a negative impact on entry in product markets. Relying on a unique...
Read moreCorporate Scandals and Household Stock Market Participation
We show that after the revelation of corporate fraud in a state, household stock market participation in that state decreases. Households decrease...
Read moreThe Rise of Independent Directors in the United States, 1950-2005: of ShareholderValue and Stock Market Prices
Between 1950 and 2005, the composition of large public company boards dramatically shifted towards independent directors, from approximately 20%...
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