Alon Brav

Duke University - Fuqua School of Business

Professor of Finance

100 Fuqua Drive

Durham, NC 27708-0120

United States

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

36

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67,042

SSRN CITATIONS
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1,170

CROSSREF CITATIONS

1,988

Scholarly Papers (36)

1.
Downloads 12,935 ( 366)
Citation 67

The Long-Term Effects of Hedge Fund Activism

Harvard Law School John M. Olin Center Discussion Paper No. 802, Columbia Law Review, Vol. 115, 2015, pp. 1085-1156, Columbia Business School Research Paper No. 13-66
Number of pages: 77 Posted: 07 Aug 2013 Last Revised: 02 Jul 2015
Lucian A. Bebchuk, Alon Brav and Wei Jiang
Harvard Law School, Duke University - Fuqua School of Business and Columbia Business School - Finance and Economics
Downloads 12,817 (365)
Citation 50

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Corporate governance, short-termism, managerial myopia, long-term value, investor horizons, market efficiency, shareholder activism, hedge fund activism, shareholder rights, takeovers, proxy fights, takeover defenses, hedge funds

The Long-Term Effects of Hedge Fund Activism

NBER Working Paper No. w21227
Number of pages: 85 Posted: 08 Jun 2015 Last Revised: 14 Jun 2015
Lucian A. Bebchuk, Alon Brav and Wei Jiang
Harvard Law School, Duke University - Fuqua School of Business and Columbia Business School - Finance and Economics
Downloads 118 (285,778)
Citation 32

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2.
Downloads 8,727 ( 754)
Citation 176

Payout Policy in the 21st Century

Tuck Contemporary Corporate Finance Issues III Conference Paper
Number of pages: 43 Posted: 03 Aug 2004
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, Duke University and The University of Hong Kong
Downloads 8,344 (804)
Citation 60

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Payout, Dividend policy, Share repurchases, Lintner model

Payout Policy in the 21st Century

NBER Working Paper No. w9657
Number of pages: 59 Posted: 23 May 2003 Last Revised: 23 May 2021
Duke University - Fuqua School of Business, Duke University, Duke University - Fuqua School of Business and The University of Hong Kong
Downloads 383 (93,555)
Citation 41

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3.

Hedge Fund Activism, Corporate Governance, and Firm Performance

Journal of Finance, Vol. 63, p. 1729, 2008, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 139/2006, Vanderbilt Law and Economics Research Paper No. 07-28, FDIC Center for Financial Research Working Paper No. 2008-06
Number of pages: 62 Posted: 05 Apr 2007 Last Revised: 09 Nov 2018
Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics, Vanderbilt University - Law School and University of California, Berkeley - School of Law
Downloads 7,041 (1,099)
Citation 145

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Hedge Fund, Activism, Governance

How Does Hedge Fund Activism Reshape Corporate Innovation?

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 85 Posted: 17 Mar 2014 Last Revised: 05 Jul 2017
Alon Brav, Wei Jiang, Song Ma and Xuan Tian
Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics, Yale School of Management and Tsinghua University - PBC School of Finance
Downloads 3,205 (4,215)
Citation 22

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Hedge fund activism, Innovation, Resource allocation, Human capital redeployment

How Does Hedge Fund Activism Reshape Corporate Innovation?

NBER Working Paper No. w22273
Number of pages: 70 Posted: 24 May 2016 Last Revised: 12 May 2021
Alon Brav, Wei Jiang, Song Ma and Xuan Tian
Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics, Yale School of Management and Tsinghua University - PBC School of Finance
Downloads 76 (380,863)
Citation 35

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5.

Competing Theories of Financial Anomalies

The Review of Financial Studies, v 15 n 2 2002
Number of pages: 32 Posted: 25 Jan 2000 Last Revised: 18 Feb 2019
Alon Brav and J.B. Heaton
Duke University - Fuqua School of Business and One Hat Research LLC
Downloads 2,999 (4,830)
Citation 25

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6.
Downloads 2,847 ( 5,268)
Citation 22

Dancing with Activists

Journal of Financial Economics, Vol. 137, pp. 1-41, July 2020 , Harvard Law and Economics Discussion Paper No. 906, Columbia Business School Research Paper No. 17-44, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 604/2019
Number of pages: 88 Posted: 10 Apr 2017 Last Revised: 18 May 2020
Harvard Law School, Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics and INSEAD
Downloads 2,840 (5,184)
Citation 23

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Corporate governance, hedge fund activism, activist settlements

Dancing with Activists

NBER Working Paper No. w26171
Number of pages: 77 Posted: 09 Sep 2019
Harvard Law School, Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics and INSEAD
Downloads 7 (746,871)
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7.
Downloads 2,511 ( 6,493)
Citation 78

Hedge Fund Activism: A Review

Foundations and Trends in Finance, Vol. 4, No. 3, 2009
Number of pages: 64 Posted: 12 Feb 2010 Last Revised: 25 Jul 2011
Alon Brav, Wei Jiang and Hyunseob Kim
Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 1,636 (12,720)
Citation 7

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Hedge Fund, Shareholder Activism, Corporate Governance

Hedge Fund Activism: A Review

Foundations and Trends in Finance, Vol. 4, No. 3, pp. 1-66, February 2010
Number of pages: 64 Posted: 22 Oct 2011
Wei Jiang, Hyunseob Kim and Alon Brav
Columbia Business School - Finance and Economics, Cornell University - Samuel Curtis Johnson Graduate School of Management and Duke University - Fuqua School of Business
Downloads 869 (32,876)
Citation 37

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Hedge Fund Activism: A Review

Foundations and Trends in Finance, Vol. 4, No. 3, pp. 185-246, 2009
Number of pages: 64 Posted: 25 Jun 2010
Alon Brav, Wei Jiang and Hyunseob Kim
Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 6 (755,460)
Citation 12
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8.

Insider Trading Subsequent to Initial Public Offerings: Evidence from Expirations of Lock-Up Provisions

Number of pages: 53 Posted: 08 Feb 2000
Alon Brav and Paul A. Gompers
Duke University - Fuqua School of Business and Harvard Business School - Finance Unit
Downloads 2,487 (6,589)
Citation 31

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9.
Downloads 2,219 ( 7,925)
Citation 19

The Returns to Hedge Fund Activism

ECGI - Law Working Paper No. 098/2008
Number of pages: 35 Posted: 24 Mar 2008
Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics, University of California, Berkeley - School of Law and Vanderbilt University - Law School
Downloads 2,219 (7,784)
Citation 19

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Hedge Fund, Activism, Governance

The Returns to Hedge Fund Activism

Financial Analysts Journal, Vol. 64, No. 6, 2008, San Diego Legal Studies Paper No. 09-002
Posted: 17 Dec 2008
Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics, University of California, Berkeley - School of Law and Vanderbilt University - Law School

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Alternative Investments - Hedge Fund Strategies, Portfolio Management - Hedge Fund Strategies, Corporate Governance

10.

Payout Policy in the 21th Century: The Data

Johnson School Research Paper Series No. 29-06
Number of pages: 50 Posted: 21 Nov 2005
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, Duke University and The University of Hong Kong
Downloads 2,140 (8,388)

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Payout, Dividend policy, Share repurchases, Survey, Survey data

11.
Downloads 2,118 ( 8,529)
Citation 32

Wolf Pack Activism

Management Science, forthcoming, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 501/2017, Robert H. Smith School Research Paper No. RHS 2529230
Number of pages: 60 Posted: 23 Nov 2014 Last Revised: 25 May 2021
Duke University - Fuqua School of Business, London School of Economics (LSE) and University of Maryland - Department of Finance
Downloads 2,116 (8,378)
Citation 36

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corporate governance; blockholder monitoring; institutional investors; reputation concerns; strategic complementarity

Wolf Pack Activism

CEPR Discussion Paper No. DP11507
Number of pages: 56 Posted: 20 Sep 2016
Duke University - Fuqua School of Business, London School of Economics (LSE) and University of Maryland - Department of Finance
Downloads 2 (792,586)
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12.
Downloads 1,740 ( 11,720)
Citation 72

Using Expectations to Test Asset Pricing Models

Number of pages: 46 Posted: 09 Jan 2003
Alon Brav, Reuven Lehavy and Roni Michaely
Duke University - Fuqua School of Business, University of Michigan, Stephen M. Ross School of Business and The University of Hong Kong
Downloads 1,669 (12,297)
Citation 37

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Using Expectations to Test Asset Pricing Models

Financial Management, Vol. 34, No. 3, Autumn 2005
Number of pages: 34 Posted: 22 Aug 2005
Alon Brav, Reuven Lehavy and Roni Michaely
Duke University - Fuqua School of Business, University of Michigan, Stephen M. Ross School of Business and The University of Hong Kong
Downloads 71 (395,958)
Citation 5
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13.

Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests

Columbia Business School Research Paper No. 18-16, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 601/2019
Number of pages: 97 Posted: 17 Jan 2018 Last Revised: 14 Jun 2021
Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics, University of Florida - Department of Finance, Insurance and Real Estate and Duke University- Fuqua School of Business
Downloads 1,500 (14,823)
Citation 31

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Mutual fund voting, Proxy contest, Selective targeting, Investor stance

14.

The Rational-Behavioral Debate in Financial Economics

Journal of Economic Methodology, 11:4, 393–409 December 2004
Number of pages: 17 Posted: 14 Jul 2004 Last Revised: 18 Feb 2019
Alon Brav, J.B. Heaton and Alex Rosenberg
Duke University - Fuqua School of Business, One Hat Research LLC and Duke University
Downloads 1,443 (15,768)
Citation 2

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Raional Finance, Behavioral Finance, Economic Methodolology

15.

Pre-Disclosure Accumulations by Activist Investors: Evidence and Policy

Journal of Corporation Law, Vol. 39, No. 1, pp. 1-34, Fall 2013, Columbia Business School Research Paper No. 13-33
Number of pages: 36 Posted: 30 Apr 2013 Last Revised: 03 Jun 2015
Harvard Law School, Duke University - Fuqua School of Business, Professor of Law and Columbia Business School - Finance and Economics
Downloads 1,299 (18,535)
Citation 4

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Corporate governance, disclosure, Williams Act, takeovers, proxy fights, takeover defenses, poison pills, control contests, shareholder activism, activist investors, hedge funds, blockholders

16.
Downloads 1,220 ( 20,379)

The Limits of the Limits of Arbitrage

Review of Finance, 14(1):157-187 (2010)
Number of pages: 31 Posted: 12 Jul 2006 Last Revised: 30 Mar 2021
Alon Brav, J.B. Heaton and Si Li
Duke University - Fuqua School of Business, One Hat Research LLC and Wilfrid Laurier University - School of Business & Economics
Downloads 1,220 (20,028)
Citation 1

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Market Efficiency, Behavioral Finance, Limits on Arbitrage, Idiosyncratic Volatility

The Limits of the Limits of Arbitrage

Review of Finance, Vol. 14, Issue 1, pp. 157-187, 2010
Posted: 25 Jan 2010 Last Revised: 18 Feb 2019
Alon Brav, J.B. Heaton and Si Li
Duke University - Fuqua School of Business, One Hat Research LLC and Wilfrid Laurier University - School of Business & Economics

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G11, G12, G14

17.

Empty Voting and the Efficiency of Corporate Governance

AFA 2009 San Francisco Meetings Paper
Number of pages: 52 Posted: 25 Mar 2008 Last Revised: 27 Mar 2010
Alon Brav and Richmond D. Mathews
Duke University - Fuqua School of Business and University of Maryland - Department of Finance
Downloads 1,102 (23,713)
Citation 19

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voting, trading, hedge funds, corporate governance

The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes

Number of pages: 56 Posted: 15 Mar 2012 Last Revised: 21 Jan 2015
Alon Brav, Wei Jiang and Hyunseob Kim
Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 829 (35,001)
Citation 13

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Hedge fund activism, Governance, Productivity, Capital Reallocation, Labor Outcomes

The Real Effects of Hedge Fund Activism: Productivity, Risk, and Product Market Competition

US Census Bureau Center for Economic Studies Paper No. CES-WP-12-14, Johnson School Research Paper Series No. 33-2012
Number of pages: 53 Posted: 10 Oct 2012 Last Revised: 18 Jan 2013
Alon Brav, Wei Jiang and Hyunseob Kim
Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 208 (177,660)
Citation 10

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Hedge funds, Governance, Productivity

The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes

NBER Working Paper No. w17517
Number of pages: 57 Posted: 15 Oct 2011 Last Revised: 14 May 2021
Alon Brav, Wei Jiang and Hyunseob Kim
Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 49 (476,262)
Citation 33

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An Empirical Analysis of Analysts' Target Prices: Short Term Informativeness and Long Term Dynamics

Number of pages: 54 Posted: 15 Apr 2001
Alon Brav and Reuven Lehavy
Duke University - Fuqua School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 1,060 (24,718)
Citation 71

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An Empirical Analysis of Analysts' Target Prices: Short-Term Informativeness and Long-Term Dynamics

Posted: 08 Aug 2002
Alon Brav and Reuven Lehavy
Duke University - Fuqua School of Business and University of Michigan, Stephen M. Ross School of Business

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The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes?

McCombs Research Paper Series No. FIN-02-09
Number of pages: 57 Posted: 09 Jun 2008 Last Revised: 18 Jan 2009
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, Duke University and University of Miami - Miami Herbert Business School
Downloads 1,037 (25,511)
Citation 85

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Idiosyncratic volatility, stock market bubbles, retail investors, speculation, stock splits

The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes?

The Review of Financial Studies, Vol. 23, Issue 2, pp. 863-899, 2009
Posted: 01 Feb 2010
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, Duke University and University of Miami - Miami Herbert Business School

Abstract:

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G11, G12, G14

21.

Retail Shareholder Participation in the Proxy Process: Monitoring, Engagement, and Voting

European Corporate Governance Institute – Finance Working Paper No. 637/2019
Number of pages: 78 Posted: 14 Jun 2019 Last Revised: 07 Jun 2021
Duke University - Fuqua School of Business, Berkeley Center for Law and Business and Columbia University
Downloads 760 (40,025)
Citation 8

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Retail Voting, Shareholder Proposal, Proxy Advisory Firm, Corporate Governance

22.

Managerial Response to the May 2003 Dividend Tax Cut

Number of pages: 34 Posted: 23 Jan 2007
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, Duke University and The University of Hong Kong
Downloads 714 (43,555)
Citation 16

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Payout, Dividend policy, Share repurchases, Tax cut, Press Release

23.

Costly Communication, Shareholder Activism, and Limits to Arbitrage

AFA 2007 Chicago Meetings Paper
Number of pages: 51 Posted: 07 Nov 2005
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School - Finance Department and Columbia Business School - Finance and Economics
Downloads 686 (45,992)
Citation 13

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Limits to Arbitrage, Communication, Shareholder Activism, Closed-End Funds

24.

The Equity in Equity Issuances

Number of pages: 48 Posted: 13 Nov 1998
Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School, Finance Department and Harvard Business School - Finance Unit
Downloads 673 (47,217)
Citation 2

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25.

Evidence on the Tradeoff Between Risk and Return for Ipo and Seo Firms

Number of pages: 50 Posted: 06 Oct 2005
Duke University - Fuqua School of Business, The University of Hong Kong, The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and Board of Governors of the Federal Reserve System
Downloads 671 (47,406)
Citation 6

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Equity Offering, Private Debt, Institutional Lenders

26.

Event Studies in Securities Litigation: Low Power, Confounding Effects, and Bias

Washington University Law Review, Vol. 93, No. 2, 2015
Number of pages: 33 Posted: 21 Mar 2015 Last Revised: 25 Mar 2021
Alon Brav and J.B. Heaton
Duke University - Fuqua School of Business and One Hat Research LLC
Downloads 667 (47,772)
Citation 3

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event studies, securities litigation

27.

Inference in Long Horizon Event Studies: A Bayesian Approach with Application to Initial Public Offerings

Number of pages: 44 Posted: 10 Aug 1998
Alon Brav
Duke University - Fuqua School of Business
Downloads 619 (52,646)
Citation 25

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28.

Failed Anti-Activist Legislation: The Curious Case of the Brokaw Act

Journal of Business, Entrepreneurship and the Law, Forthcoming
Number of pages: 25 Posted: 29 Oct 2016 Last Revised: 25 Mar 2021
Duke University - Fuqua School of Business, One Hat Research LLC and Boston College - Carroll School of Management
Downloads 558 (59,977)
Citation 3

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hedge fund activism, corporate law, shareholder activism, shareholder activist, hedge fund activist

Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence

Number of pages: 48 Posted: 10 Feb 2000
Duke University - Fuqua School of Business, University of Chicago - Booth School of Business and University of Pennsylvania - The Wharton School, Finance Department
Downloads 454 (76,679)
Citation 2

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Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence

NBER Working Paper No. w7406
Number of pages: 53 Posted: 12 Jul 2000 Last Revised: 26 Oct 2010
Duke University - Fuqua School of Business, University of Chicago - Booth School of Business and University of Pennsylvania - The Wharton School, Finance Department
Downloads 43 (503,205)
Citation 2

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Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence

NBER Working Paper No. w8822
Number of pages: 41 Posted: 10 Aug 2012 Last Revised: 08 Feb 2021
Duke University - Fuqua School of Business, University of Chicago - Booth School of Business and University of Pennsylvania - The Wharton School, Finance Department
Downloads 13 (697,095)
Citation 46

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Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence

Posted: 19 Nov 2001
Duke University - Fuqua School of Business, University of Chicago - Booth School of Business and University of Pennsylvania - The Wharton School, Finance Department

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Equity premium, Incomplete consumption insurance, Heterogeneous consumers, Limited capital market participation

Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence

Posted: 26 Aug 2002
Duke University - Fuqua School of Business, University of Chicago - Booth School of Business and University of Pennsylvania - The Wharton School, Finance Department

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30.

Validation Capital

NYU Law and Economics Research Paper Forthcoming, USC CLASS Research Paper Series No. CLASS21-16, USC Law Legal Studies Paper No. 21-16
Number of pages: 21 Posted: 16 Feb 2021 Last Revised: 28 Apr 2021
Duke University - Fuqua School of Business, University of Southern California Gould School of Law and New York University School of Law
Downloads 193 (190,519)

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31.

Activist Arbitrage: A Study of Open-Ending Attempts of Closed-End Funds

Journal of Financial Economics, Vol. 95, No. 1, pp. 1-19, 2008
Number of pages: 43 Posted: 22 Oct 2011
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School - Finance Department and Columbia Business School - Finance and Economics
Downloads 129 (266,299)
Citation 3

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32.

Market Indeterminacy

Number of pages: 36 Posted: 06 Oct 2003
Alon Brav and J.B. Heaton
Duke University - Fuqua School of Business and One Hat Research LLC
Downloads 70 (394,353)

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33.

Recent Advances in Research on Hedge Fund Activism: Value Creation and Identification

Annual Review of Financial Economics, Vol. 7, pp. 579-595, 2015
Posted: 11 Dec 2015
Alon Brav, Wei Jiang and Hyunseob Kim
Duke University - Fuqua School of Business, Columbia Business School - Finance and Economics and Cornell University - Samuel Curtis Johnson Graduate School of Management

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34.

The Role of Lock-Ups in Initial Public Offerings

Review of Financial Studies, Forthcoming
Posted: 01 Nov 2001
Alon Brav and Paul A. Gompers
Duke University - Fuqua School of Business and Harvard Business School - Finance Unit

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35.

Is the Abnormal Return Following Equity Issuances Anomalous?

Rodney L. White Center Working Paper No. 02-99
Posted: 12 Feb 1999
Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School, Finance Department and Harvard Business School - Finance Unit

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Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies

Journal of Finance, Vol. 52 No. 4, December 1997
Posted: 11 Apr 1998
Alon Brav and Paul A. Gompers
Duke University - Fuqua School of Business and Harvard Business School - Finance Unit

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Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies

University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship
Posted: 17 Nov 2009
Alon Brav and Paul A. Gompers
Duke University - Fuqua School of Business and Harvard Business School - Finance Unit

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Performance measures, Initial public offerings (IPO), Public firms, Firm performance, Benchmarks, Venture capitalists, Venture capital firms