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Forthcoming Paper

“Volatility-of-Volatility Risk in Asset Pricing” by Te-Feng Chen, Tarun Chordia, San-Lin Chung, and JC Lin

Paper Spotlight: Staggered Boards and the Value of Voting Rights

Do staggered (or classified) boards harm shareholder value through entrenchment or help through stability? In a forthcoming RCFS paper, “Staggered Boards and the Value of Voting Rights,” Oğuzhan Karakaş and Mahdi Mohseni revisit this question by using a novel methodology and provide causal evidence on the entrenchment view of staggered boards. Existence of staggered boards, where only a fraction of board members is up for election in a year, has… Read More »Paper Spotlight: Staggered Boards and the Value of Voting Rights

Paper Spotlight: Hard Marriage with Heavy Burdens: Organized Labor as Takeover Deterrents

Differences in their objective functions lead to possible conflicts of interests between various stakeholders of firms; e.g., between shareholders and employees. These conflicts are more likely to manifest when firms face important investment or governance decisions, specifically, at times of mergers and acquisitions. How does the power of a firm’s labor force affect its exposure and gains in takeovers? In a forthcoming RCFS paper, “Hard Marriage with Heavy Burdens: Organized… Read More »Paper Spotlight: Hard Marriage with Heavy Burdens: Organized Labor as Takeover Deterrents

Forthcoming Papers

“How do Capital Requirements Affect Loan Rates? Evidence from High Volatility Commercial Real Estate” by David P. Glancy and Robert J. Kurtzman “Golden Handcuffs and Corporate Innovation: Evidence from Defined Benefit Pension Plans” by Huu Nhan Duong, Bin Qiu, and S. Ghon Rhee

Forthcoming Paper

“Effect of the Equity Capital Ratio on the Relationship between Competition and Bank Risk-taking Behavior” by Kuncheng Zheng and Jia Hao

Forthcoming Paper

“Active and Passive Investing” by Nicolae Gârleanu and Lasse Heje Pedersen

Editor’s Choice 34(5)

The Editor’s Choice paper for 34(5) is “The Rise of Shadow Banking: Evidence from Capital Regulation” by Rustom M. Irani, Rajkamal Iyer, Ralf R. Meisenzahl, and José-Luis Peydró. You can read the paper free online.

Panel Honoring Craig W. Holden

A panel honoring Craig W. Holden will be held at SFS Cavalcade 2021 on May 25 at 1:15pm. The panel speakers are Stacey Jacobsen (SMU), Avanidhar (Subra) Subrahmanyam (UCLA), and Charles Trzcinka (Indiana University).

Announcing the Next Executive Editor of RAPS

We are very pleased to announce that Zhiguo He has agreed to serve as the next Executive Editor of RAPS. He will serve as a RAPS editor starting on July 1, 2021, and will begin as the executive editor on  January 1, 2022. Zhiguo is the Fuji Bank and Heller Professor of Finance at the University of Chicago Booth School of Business. Previously Zhiguo was an Associate Editor of the… Read More »Announcing the Next Executive Editor of RAPS

Paper Spotlight: Competition for Flow and Short-Termism in Activism

It is not just managers that can have a short-term orientation—the forthcoming theoretical paper “Competition for Flow and Short-Termism in Activism,” by Mike Burkart and Amil Dasgupta, shows that activist funds too can focus on the short term. In the model, activists add value by preventing wastage by the manager. To signal their type to their own investors, they take a short-term action such as boosting leverage to make a… Read More »Paper Spotlight: Competition for Flow and Short-Termism in Activism