In this paper, we examine the effect of financial analysts on the quality of corporate investment
decisions. We show that greater analyst coverage leads to higher total factor productivity …

In the secondary art market, artists play no active role. This allows us to isolate cultural
influences on the demand for female artists’ work from supply-side factors. Using 1.5 million …

We provide evidence that culture is a source of pricing bias. In a sample of 1.9 million auction
transactions in 49 countries, paintings by female artists sell at an unconditional discount of …

We classify and test empirical measures of firm opacity and document theoretical and empirical
inconsistencies across these proxies by testing the relative opacity of banks versus non‐…

We analyse the factors influencing the target company's choice of bank advisor in mergers
and acquisitions (M&As). We first examine the choice of hiring an advisor, which is nontrivial, …

In this paper, we empirically analyze the factors affecting the cross section of mutual fund
fee dispersion. In the context of equity mutual funds, fee dispersion stems primarily from the …

We investigate the how and why of performance fee provisions in a free contracting
environment such as the Italian mutual fund market until 2006. We find weak support for the …

In this paper I analyze investors’ reactions to changes in the expense ratios of equity mutual
funds. I show that investment flows’ response to fees cannot be fully explained by looking at …

This paper examines the impact of promotion-based tournament incentives on corporate
acquisition performance. Measuring tournament incentives as the compensation ratio between …

There is substantial evidence that the flow-performance relationship of mutual funds is convex.
We empirically investigate the determinants of such convexity. In particular, we study how …