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Previous studies have examined the manipulation of executive stock option awards and exercises, focusing on information timing by managers. In this paper, we investigate managerial manipulation of stock‐price performance motivated by stock options. To distinguish performance manipulation from...
This article analyzes the issue of voluntary cooperation in terms of international financial supervision. A simple modeling framework is provided where financial supervision is an international public good and thus may be underprovided globally. The article asks a simple question: would national...
We exploit a quasi‐experiment to examine the effects of market makers and stock analysts in three emerging stock markets. We find substantial differences in the effects across markets, and in contrast to existing literature, the effects of market makers are not always positive. Our results...
In this paper, we consider the problem of an optimal pension fund portfolio given the heterogeneous risk preferences of pension fund participants. The relative risk aversion of a pension fund tends to be a decreasing function of the level of aggregate wealth. We find that the dynamic optimal...
This paper provides a simple framework to study the effect of disagreement in a multi‐asset market equilibrium by considering two agents who disagree about expected returns, variances, and correlation of returns of two risky assets. When agents' subjective beliefs are characterized by mean...
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