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Defined Contribution Pension Plans: Sticky or Discerning Money?
In: NBER Working Paper No. w19569
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Encouraging Long-Term Shareholders the Effects of Loyalty Shares with Double Voting Rights
In: Forthcoming, Finance
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Molecular Genetics, Risk Aversion, Return Perceptions, and Stock Market Participation
In: NBER Working Paper No. w27638
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Changes in Institutional Ownership and Stock Returns: Assessment and Methodology*
In: The journal of business, Band 79, Heft 6, S. 2869-2910
ISSN: 1537-5374
Climate Risk Disclosure and Institutional Investors
In: Swiss Finance Institute Research Paper No. 19-66
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Target Firm Advertising and Firm Value
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IS NOISE TRADER RISK PRICED?
In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 24, Heft 3, S. 311-329
ISSN: 1475-6803
AbstractWe examine the hypothesis that closed‐end fund shareholders garner greater returns than holders of the underlying assets as compensation for bearing "noise trader risk." We demonstrate that the returns on fund shares are more volatile and exhibit greater mean reversion than the returns on the underlying assets, consistent with the hypothesis that noise traders play a more active role in closed‐end fund shares than do the underlying assets. Inconsistent with the De Long et al. (1990) noise trader model, however, we find that after accounting for fund expenses, fund shareholders do not earn returns greater than holders of the underlying assets.JEL classification: G12
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Gender Pay Gap across Cultures
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