Click on a term to reduce result list
The result list below will be reduced to the selected search terms. The terms are generated from the titles, abstracts and STW thesaurus of publications by the respective author.
68 records from EconBiz based on author Name
1. Who closed the schools?
Coval, Joshua;2021
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 2. Can Individual Investors Beat the Market?
abstractWe document strong persistence in the performance of trades of individual investors. The correlation of the risk-adjusted performance of an individual across sample periods is about 10 percent. Investors classified in the top performance decile in the first half of our sample subsequently outperform those in the bottom decile by about 8 percent per year. Strategies long in firms purchased by previously successful investors and short in firms purchased by previously unsuccessful investors earn abnormal returns of 5 basis points per day. These returns are not confined to small stocks nor to stocks in which the investors are likely to have inside information. Our results suggest that skillful individual investors exploit market inefficiencies to earn abnormal profits, above and beyond any profits available from well-known strategies based upon size, value, or momentum.Presentation slides are available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3217430
Coval, Joshua; Hirshleifer, David A.; Shumway, Tyler;2018
Availability: Link Link
Citations: 19 (based on OpenCitations)
3. Can individual investors beat the market?
Coval, Joshua; Hirshleifer, David; Shumway, Tyler;2021
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
Link Citations: 7 (based on OpenCitations)
4. Reply: Do powerful politicians really cause corporate downsizing?
Cohen, Lauren; Coval, Joshua; Malloy, Christopher; Snyder, Jason Alan;2017
Type: Aufsatz in Zeitschrift; Article in journal;
5. Do powerful politicians really cause corporate downsizing?
Snyder, Jason Alan; Welch, Ivo; Cohen, Lauren; Coval, Joshua; Malloy, Christopher;2017
Type: Aufsatz in Zeitschrift; Article in journal;
6. Do Powerful Politicians Cause Corporate Downsizing?
abstractThis paper employs a new empirical approach for identifying the impact of government spending on the private sector. Our key innovation is to use changes in congressional committee chairmanship as a source of exogenous variation in state-level federal expenditures. In doing so, we show that fiscal spending shocks appear to significantly dampen corporate sector investment and employment activity. These corporate reactions follow both Senate and House committee chair changes, are present among large and small firms and within large and small states, are partially reversed when the congressman resigns, and are most pronounced among geographically-concentrated firms. The effects are economically meaningful and the mechanism - entirely distinct from the more traditional interest rate and tax channels - suggests new considerations in assessing the impact of government spending on private sector economic activity
Cohen, Lauren; Coval, Joshua; Malloy, Christopher;2010
Availability: Link
7. Asset Fire Sales (and Purchases) in Equity Markets
abstractThis paper examines asset fire sales, and institutional price pressure more generally, in equity markets, using market prices of mutual fund transactions caused by capital flows from 1980 to 2003. Funds experiencing large outflows (inflows) tend to decrease (increase) existing positions, which creates price pressure in the securities held in common by these funds. Forced transactions represent a significant cost of financial distress for mutual funds. We find that investors who trade against constrained mutual funds earn highly significant returns for providing liquidity when few others are willing or able. In addition, future flow-driven transactions are predictable, creating an incentive to front-run the anticipated forced trades by funds experiencing extreme capital flows
Coval, Joshua; Stafford, Erik;2010
Availability: Link
8. Corporate Financing Decisions When Investors Take the Path of Least Resistance
abstractWe explore the consequences for corporate financial policy that arise when investors exhibit inertial behavior. One implication of investor inertia is that, all else equal, a firm pursuing a strategy of equity-financed growth will prefer a stock-for-stock merger to greenfield investment financed with an SEO. With a merger, acquirer stock is placed in the hands of investors, who, because of inertia, do not resell it all on the open market. If there is downward-sloping demand for acquirer shares, this leads to less price pressure than an SEO, and cheaper equity financing as a result. We develop a simple model to illustrate this idea, and present supporting empirical evidence. Both individual and institutional investors tend to hang on to shares granted them in mergers, with this tendency being much stronger for individuals. Consistent with the model and with this cross-sectional pattern in inertia, acquirers targeting firms with high institutional ownership experience more negative announcement effects and greater announcement volume. Moreover, the results are strongest when the overlap in target and acquirer institutional ownership is low and when the demand curve for the acquirer's shares appears to be steep
Baker, Malcolm; Coval, Joshua; Stein, Jeremy C.;2010
Availability: Link
9. Judging Fund Managers by the Company They Keep
abstractWe develop a performance evaluation approach in which a fund manager's skill is judged by the extent to which his investment decisions resemble the decisions of managers with distinguished performance records. The proposed performance measures are estimated more precisely than standard measures, because they use historical returns and holdings of many funds to evaluate the performance of a single fund. According to one of our measures, funds with significantly positive ability considerably outnumber funds with significantly negative ability at the end of our sample. Simulations demonstrate that our measures are particularly useful in ranking managers. In an application that relies on such ranking, we find only weak persistence in the performance of U.S. equity funds after accounting for momentum in stock returns
Cohen, Randolph B.; Coval, Joshua; Pástor, Ľuboš;2010
Availability: Link
10. The Economics of Structured Finance
abstractThe essence of structured finance activities is the pooling of economic assets (e.g. loans, bonds, mortgages) and subsequent issuance of a prioritized capital structure of claims, known as tranches, against these collateral pools. As a result of the prioritization scheme used in structuring claims, many of the manufactured tranches are far safer than the average asset in the underlying pool. We examine how the process of securitization allowed trillions of dollars of risky assets to be transformed into securities that were widely considered to be safe, and argue that two key features of the structured finance machinery fueled its spectacular growth. At the core of the recent financial market crisis has been the discovery that these securities are actually far riskier than originally advertised
Coval, Joshua; Jurek, Jakub W.; Stafford, Erik;2009
Availability: Link Link
Citations: 27 (based on OpenCitations)