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  • 25 May 2010
  • First Look

First Look: May 25

theories of corporate ownership assume that because markets are efficient, insiders ultimately bear agency costs and therefore have a strong incentive to minimize conflicts of interest with outside investors. We show that if equity is overvalued, however, View Details
Keywords: Martha Lagace
  • 17 Aug 2010
  • First Look

First Look: August 17

be driven by market mispricing to undertake activity in a highly cyclical manner, accelerating activity during periods when securities can be readily sold to other parties. While financial economists have largely focused on bank lending,... View Details
Keywords: Martha Lagace
  • 17 Mar 2009
  • First Look

First Look: March 17, 2009

that issuance is partly an attempt to arbitrage mispriced characteristics. Our approach helps forecast returns to portfolios based on book-to-market, size, price, distress, payout policy, profitability, and industry. Our results provide a... View Details
Keywords: Martha Lagace
  • 01 Jun 2010
  • News

$how Me the Money

mispricing in trade imports and exports; country-by-country accounting of sales, profits, and taxes paid by multinational corporations; confirmation of beneficial ownership (i.e., naming the real owners, not frontmen) in all banking and... View Details
Keywords: Garry Emmons; Administration of Economic Programs; Government; Executive, Legislative, and Other General Government Support; Government; Legal Services; Professional Services; Management, Scientific, and Technical Consulting Services; Professional Services
  • 09 Dec 2008
  • First Look

First Look: December 9, 2008

discussion of how ownership concentration constrains restructuring alternatives, how hedge fund investors might confront controlling shareholders, and how the mispricing of agency costs can give rise to ownership structures that allow for... View Details
Keywords: Martha Lagace
  • 15 Jun 2010
  • First Look

First Look: June 15

to $426 billion, accounting for nearly 70% of the jump in total syndicated loan issuance over the same period. Did the inflow of institutional funding in the syndicated loan market lead to mispricing of credit? To understand this... View Details
Keywords: Martha Lagace
  • 28 Apr 2009
  • First Look

First Look: April 28, 2009

Harvard Business School Case 209-093 Washington Mutual issued 6 billion euro of covered bonds in 2006. The objective of the case is to ask whether these bonds are mispriced in late 2008. The case is set in September 2008, and Washington... View Details
Keywords: Martha Lagace
  • 09 Aug 2011
  • First Look

First Look: August 9

their infrastructure without working through the scaling effects. This note also discusses multi-sided platforms, the skewing of business models reflecting a mispricing to get one side on board, and suggests the importance of testing in... View Details
Keywords: Sean Silverthorne
  • 19 Jan 2016
  • First Look

January 19, 2016

market as a whole experienced high returns relative to Treasury bills. In the spirit of Fischer Black’s 1993 article “Beta and Return,” published in this journal, the author takes seriously the idea that this evidence reflects a risk anomaly—a View Details
Keywords: Sean Silverthorne