Publications

SSRN

26 Sep 2017
First Look

First Look at New Research and Ideas, September 26, 2017

Downsizing? By: Cohen, Lauren, Joshua D. Coval, and Christopher J. Malloy Abstract—While we commend the initiative of Snyder and Welch (2017), we lay out in this short reply... View Details

Keywords: Sean Silverthorne

June 2012
Article

Decoding Inside Information

By: Lauren Cohen, Christopher Malloy and Lukasz Pomorski

Using a simple empirical strategy, we decode the information in insider trading. Exploiting the fact that insiders trade for a variety of reasons, we show that there is predictable, identifiable "routine" insider trading that is not informative for the future of firms.... View Details

Keywords: Strategy; Financial Markets; Forecasting and Prediction; Law Enforcement; Opportunities; Geographic Location; Business Earnings

SSRN

2016
Article

Cloaked Trading

By: Lauren Cohen, Dong Lou and Christopher J. Malloy

Using a novel, proprietary database of micro-level trading activities by asset managers, we show strong evidence of asset managers engaging in strategic trading in order to “cloak” their most valuable trades. This takes the form, for instance, of a manager who sells... View Details

Keywords: Strategic Trading; Information; Asset Management; Investment

February 2017
Article

Resident Networks and Corporate Connections: Evidence from World War II Internment Camps

By: Lauren Cohen, Umit Gurun and Christopher J. Malloy

We demonstrate that simply by using the ethnic makeup surrounding a firm’s location, we can predict, on average, which trade links are valuable for firms. Using customs and port authority data on the international shipments of all U.S. publicly traded firms, we show... View Details

Keywords: Information Networks; Trade Links; Firm Behavior; Networks; Geographic Location; Ethnicity; Organizations; Trade

26 Jan 2016
First Look

January 26, 2016

from World War II Internment Firm Trade By: Cohen, Lauren, Umit Gurun, and Christopher J. Malloy Abstract—We demonstrate that simply by using the... View Details

Keywords: Sean Silverthorne

03 Mar 2008
First Look

First Look: March 4, 2008

Working PapersSell Side School Ties Authors:Lauren H. Cohen, Andrea Frazzini, and Christopher J. Malloy Abstract We study the impact of social networks on agents' ability to... View Details

Keywords: Martha Lagace

28 Aug 2018
First Look

New Research and Ideas, August 28, 2018

IQ from IP: Simplifying Search in Portfolio Choice By: Chen, Huaizhi, Lauren Cohen, Umit Gurun, Dong Lou, and Christopher J. Malloy Abstract—... View Details

Keywords: Dina Gerdeman

17 Jan 2012
First Look

First Look: January 17

http://hbr.org/2012/01/when-one-business-model-isnt-enough/ar/1 Do Powerful Politicians Cause Corporate Downsizing? Authors:Lauren Cohen, Joshua Coval, and Christopher J. View Details

Keywords: Sean Silverthorne

March 2013
Article

Misvaluing Innovation

By: Lauren Cohen, Karl Diether and Christopher Malloy

We demonstrate that a firm's ability to innovate is predictable, persistent, and relatively simple to compute, and yet the stock market ignores the implications of past successes when valuing future innovation. We show that two firms that invest the exact same in... View Details

Keywords: Innovation; Return Predictability; R＆D; Information; Forecasting and Prediction; Research and Development; Innovation and Invention

2012
Article

Hiring Cheerleaders: Board Appointments of 'Independent' Directors

By: Lauren Cohen, Andrea Frazzini and Christopher Malloy

We provide evidence that firms appoint independent directors who are overly sympathetic to management, while still technically independent according to regulatory definitions. We explore a subset of independent directors for whom we have detailed, micro-level data on... View Details

Keywords: Recruitment; Management; Corporate Governance; Performance; Governing and Advisory Boards; Executive Compensation; Governing Rules, Regulations, and Reforms; Prejudice and Bias

December 2014
Case

The Complexity of Vanguard's Entry Decision into ETFs (A)

By: Lauren Cohen, Christopher Malloy and Tina Tang

Educators

Purchase

13 Nov 2012
First Look

First Look: November 13

PublicationsMisvaluing Innovation Authors:Lauren Cohen, Karl Diether, and Christopher Malloy Publication:Review of Financial Studies (forthcoming) Abstract We demonstrate... View Details

Keywords: Sean Silverthorne

October 2019
Teaching Note

CIR Group: Passing Wealth through the Generations

By: Lauren Cohen, Christopher J. Malloy and Elena Corsi

Teaching Note for HBS No. 219-060. View Details

Purchase

December 2011
Article

Do Powerful Politicians Cause Corporate Downsizing?

By: Lauren Cohen, Joshua Coval and Christopher J. Malloy

This paper employs a new empirical approach for identifying the impact of government spending on the private sector. Our key innovation is to use changes in congressional committee chairmanship as a source of exogenous variation in state-level federal expenditures. In... View Details

Keywords: Spending; Private Sector; Taxation; Innovation and Invention; Interest Rates; Business and Government Relations; Investment; Employment; Power and Influence

2008
Working Paper

Hiring Cheerleaders: Board Appointments of 'Independent' Directors

By: Lauren Cohen, Andrea Frazzini and Christopher J. Malloy

We test the hypothesis that firms appoint independent directors who are overly sympathetic to management, while still technically independent according to regulatory definitions. We explore a subset of independent directors for whom we have detailed, micro-level data... View Details

Keywords: Competency and Skills; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Managerial Roles; Prejudice and Bias