2024

Roni Michaely, Guillem Ordonez-Calafi, Silvina Rubio
Review of Finance, Volume 28, Issue 5, September 2024, Pages 1575–1610, https://doi.org/10.1093/rof/rfae017

We uncover strategic voting behavior by some Environmental and Social (ES) funds that significantly decreases support for ES proposals when their votes are likely to be pivotal.… Read more...

Dong Yan
Review of Finance, Volume 28, Issue 5, September 2024, Pages 1483–1511, https://doi.org/10.1093/rof/rfae020

Whether the stock market affects real efficiency through its role of producing and aggregating information has been a central question for financial economists. In this paper, I show that information contained in stock prices has real effects on private firms, a significant yet often overlooked part of the economy, even without listing their shares. … Read more...

Fabrizio Core
Review of Finance, Volume 28, Issue 4, July 2024, Pages 1383–1418, https://doi.org/10.1093/rof/rfae014

This paper documents the existence of an intensive margin of the gender gap in innovative entrepreneurship in Italy. I document that, compared to men, not only do fewer women select into innovative entrepreneurship, but those who do hold less equity, make smaller investments, and are less likely to assume executive roles.… Read more...

Nikolaus Hautsch, Christoph Scheuch, Stefan Voigt
Review of Finance, Volume 28, Issue 4, July 2024, Pages 1345–1381, https://doi.org/10.1093/rof/rfae004

This paper examines the impact of counterparty risk and settlement latency on the trading of blockchain-based assets in the context of centralized exchanges (CEX).… Read more...

Isaac Hacamo and Kristoph Kleiner
Review of Finance, Volume 28, Issue 4, July 2024, Pages 1311–1344, https://doi.org/10.1093/rof/rfae015

A large body of research shows that social interactions impact the decision to start a business. Entrepreneurship is driven by interactions with current and former entrepreneurs in the workplace, at school, and around the neighborhood.… Read more...

David Hirshleifer, Yushui Shi, Weili Wu
Review of Finance, Volume 28, Issue 4, July 2024, Pages 1275–1310, https://doi.org/10.1093/rof/rfae009

Past research highlights a tension between analysts’ jobs delivering public information to the market versus delivering private information to their clients. On the one hand, analysts often issue overly optimistic stock recommendations to generate trades from a large audience of retail investors (e.g.,… Read more...

Jess Cornaggia, Matthew Gustafson, Jason Kotter, Kevin Pisciotta
Review of Finance, Volume 28, Issue 4, July 2024, Pages 1245–1273, https://doi.org/10.1093/rof/rfae011

The choice to go public is arguably the most important and impactful decision firms make in their corporate lives. On their path to an IPO, firms connect with and contribute to their local community in many ways, sometimes growing to be one of the most important companies in their local economy.… Read more...