Multinationals and the High Cash Holdings Puzzle
Real name:
Lee Pinkowitz
Real name:
Rohan Williamson
Related Working Paper
Featured Working Papers
Be Careful What You Ask for: Fundraising Strategies in Equity Crowdfunding
We use equity crowdfunding data to ask how fundraising amounts can be explained by what entrepreneurs ask for, versus what investors want to invest. The analysis exploits unique features of crowdfunding where entrepreneurs not only set investment...Read more
ICO Investors
We conduct a detailed analysis of investors in successful initial coin offerings (ICOs). The average ICO has 4,700 contributors. The median participant contributes small amounts and many investors sell their tokens before the underlying product...Read more
The Private Use of Credit Ratings: Evidence from Mutual Fund Investment Mandates
Credit ratings have been shown to be imperfect and sometimes biased measures of risk. Has this affected their use in unregulated settings? Using textual analysis, we measure the use of credit ratings in investment mandates of fixed income mutual...Read more
Understanding Bank Payouts during the Crisis of 2007-2009
We provide an extensive analysis of the payout policy of U.S. banks during the crisis to examine potential risk-shifting and signaling motives of banks. We estimate an empirical model of bank payouts to assess the extent to which changes in...Read more