Annual Conference

|

Accounting

|

May 2018

Brand-name pharmaceutical companies often file lawsuits against generic drug manufacturers that challenge the monopoly status of patent-protected drugs. Institutional horizontal shareholdings, measured by the generic shareholders’ ownership in the brand-name company relative to their ownership in ...
Keywords: common ownership, Institutional investor, Product market entry, Pharmaceutical industry, Patent infringement lawsuit, Settlement agreement, Antitrust
  • View
  • Download
  • Bookmark
  •    |   
  •  

Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2019

This paper utilizes disaggregated prices at the micro level to examine the patterns of price adjustment in Thailand. Among the key stylized facts, we found that the frequency of price changes are generally low, prices decreases are common, the size of price changes are large relative to the inflatio...
Keywords: Factor model, inflation, price rigidity, price setting, relative prices, Phillips curve
  • View
  • Download
  • Bookmark
  •    |   
  •  

Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2019

We develop a U.S. monetary policy shock series that stably bridges periods of conventional and unconventional policymaking, is largely unpredictable, and contains no significant central bank information effect. We attribute differences between our measure and often-used alternatives to our econometr...
Keywords: Monetary policy shocks, Policymaking, interest rates, inflation
  • View
  • Download
  • Bookmark
  •    |   
  •  

Annual Conference

|

Corporate Finance

|

May 2017

This paper shows that the stock market misprices firms' investment options. We build a real options model of optimal investment under uncertainty to estimate the value of firms' investment options. We show that firms with valuable investment options have a higher likelihood of being mispriced. Impor...
Keywords: Misvaluation, Investment Options, Optimal Investment, Demand Uncertainty, Future Returns, structural estimation
  • View
  • Download
  • Bookmark
  •    |   
  •  

Annual Conference

|

Corporate Finance, Senior Fellows/Fellows

|

May 2015

Theoretical models of groups suggest that sub-group usage can affect communication among members and group decision-making. To examine the trade-offs from forming sub-groups, we assemble a detailed dataset on corporate boards (groups) and committees (sub-groups). Boards have increasingly used commit...
Keywords: board of directors, Committee, Decision-Making, Sarbanes-Oxley
  • View
  • Download
  • Bookmark
  •    |   
  •