Roni Michaely

The University of Hong Kong

Pokfulam Road

Hong Kong, Pokfulam HK

China

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c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

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Belgium

SCHOLARLY PAPERS

77

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Scholarly Papers (77)

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1.

Payout Policy in the 21st Century

Downloads 9,136 ( 1,010)
Citation 252

Payout Policy in the 21st Century

Tuck Contemporary Corporate Finance Issues III Conference Paper
Number of pages: 43 Posted: 03 Aug 2004
Alon Brav, Campbell R. Harvey, John R. Graham and Roni Michaely
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, Duke University and The University of Hong Kong
Downloads 8,612 (1,118)
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: 21 Nov 2022
Alon Brav, John R. Graham, Campbell R. Harvey and Roni Michaely
Duke University - Fuqua School of Business, Duke University, Duke University - Fuqua School of Business and The University of Hong Kong
Downloads 524 (85,344)
Citation 41

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2.

Payout Policy

Downloads 8,645 ( 1,116)
Citation 88

Payout Policy

Number of pages: 148 Posted: 10 May 2002
Roni Michaely and Franklin Allen
The University of Hong Kong and Imperial College London
Downloads 4,960 (2,901)
Citation 67

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Payout policy, dividends, repurchases

Payout Policy

Ross School of Business Paper No. 1227
Number of pages: 119 Posted: 25 Feb 2014 Last Revised: 27 Dec 2021
Joan Farre-Mensa, Roni Michaely, Martin C. Schmalz and Martin C. Schmalz
University of Illinois at Chicago - Department of Finance, The University of Hong Kong and CEPRUniversity of Oxford - Finance
Downloads 3,685 (4,748)
Citation 18

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Payout Policy; Survey; Dividends; Share Repurchases

Payout Policy

Annual Review of Financial Economics, Vol. 6, pp. 75-134, 2014
Posted: 25 Nov 2014
Joan Farre-Mensa, Roni Michaely, Martin C. Schmalz and Martin C. Schmalz
University of Illinois at Chicago - Department of Finance, The University of Hong Kong and CEPRUniversity of Oxford - Finance

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3.

Are U.S. Industries Becoming More Concentrated?

Forthcoming, Review of Finance, Swiss Finance Institute Research Paper No. 19-41
Number of pages: 82 Posted: 31 May 2015 Last Revised: 11 Sep 2019
Gustavo Grullon, Yelena Larkin and Roni Michaely
Rice University - Jesse H. Jones Graduate School of Business, York University - Schulich School of Business and The University of Hong Kong
Downloads 7,843 (1,321)
Citation 15

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industry concentration; HHI; product markets; profit margins; publicly-traded firms; M&A; antitrust

4.

Dividends, Share Repurchases, and the Substitution Hypothesis

Downloads 4,663 ( 3,254)

Dividends, Share Repurchases, and the Substitution Hypothesis

Number of pages: 51 Posted: 26 Apr 2000
Gustavo Grullon and Roni Michaely
Rice University - Jesse H. Jones Graduate School of Business and The University of Hong Kong
Downloads 4,663 (3,209)
Citation 64

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Dividends, Share Repurchases, and the Substitution Hypothesis

Posted: 29 Dec 2003
Gustavo Grullon and Roni Michaely
Rice University - Jesse H. Jones Graduate School of Business and The University of Hong Kong

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5.

Initial Public Offerings: A Synthesis of the Literature and Directions for Future Research

Forthcoming Foundations and Trends in Finance
Number of pages: 186 Posted: 07 Feb 2017 Last Revised: 28 Aug 2017
Michelle Lowry, Roni Michaely and Ekaterina Volkova
Drexel University, The University of Hong Kong and University of Melbourne - Faculty of Business and Economics
Downloads 4,405 (3,589)
Citation 45

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6.

Financing Payouts

Ross School of Business Paper No. 1263
Number of pages: 67 Posted: 09 Dec 2014 Last Revised: 28 Dec 2021
Joan Farre-Mensa, Roni Michaely, Martin C. Schmalz and Martin C. Schmalz
University of Illinois at Chicago - Department of Finance, The University of Hong Kong and CEPRUniversity of Oxford - Finance
Downloads 3,525 (5,232)
Citation 21

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Payout policy, financing decisions, debt issues, capital structure, cash management.

7.

Does Socially Responsible Investing Change Firm Behavior?

Review of Finance - Forthcoming European Corporate Governance Institute – Finance Working Paper No. 762/2021
Number of pages: 74 Posted: 05 May 2021 Last Revised: 14 Feb 2023
Davidson Heath, Daniele Macciocchi, Roni Michaely and Matthew C. Ringgenberg
University of Utah - David Eccles School of Business, University of Miami Herbert Business School, The University of Hong Kong and University of Utah - Department of Finance
Downloads 2,873 (7,314)
Citation 2

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Corporate Social Responsibility (CSR), Environmental, Social, and Governance (ESG), Institutional Investors, Socially Responsible Investing (SRI)

8.

Dividend Changes Do Not Signal Changes in Future Profitability

Number of pages: 38 Posted: 08 Oct 2003
Gustavo Grullon, Roni Michaely, Shlomo Benartzi and Richard H. Thaler
Rice University - Jesse H. Jones Graduate School of Business, The University of Hong Kong, University of California at Los Angeles and University of Chicago - Booth School of Business
Downloads 2,623 (8,404)
Citation 42

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9.

Payout Policy in the 21th Century: The Data

Johnson School Research Paper Series No. 29-06
Number of pages: 50 Posted: 21 Nov 2005
Alon Brav, Campbell R. Harvey, John R. Graham and Roni Michaely
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, Duke University and The University of Hong Kong
Downloads 2,278 (10,546)

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

10.

Corporate Dividend Policies: Lessons from Private Firms

Number of pages: 50 Posted: 01 Sep 2006 Last Revised: 13 Dec 2011
Michael R. Roberts and Roni Michaely
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and The University of Hong Kong
Downloads 2,269 (10,617)
Citation 57

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Dividends, Payout Policy, Smoothing, Information Asymmetry, Agency Theory, Governance

11.

FinTechs and the Market for Financial Analysis

Journal of Financial and Quantitative Analysis
Number of pages: 54 Posted: 12 Mar 2018 Last Revised: 06 Aug 2020
Jillian Grennan and Roni Michaely
Santa Clara University, Leavey School of Business and The University of Hong Kong
Downloads 1,996 (13,063)
Citation 10

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Fintech, FinTechs (financial technology firms), Equity market intelligence, Artificial intelligence, Aggregators, Social media, Financial blogs, Information and price efficiency, Big data, Alternative data, Machine learning, Datamining, Data signal providers, Innovation, Startups

12.

Dividend Policy and Product Market Competition

Number of pages: 46 Posted: 20 Mar 2007 Last Revised: 09 Mar 2019
Gustavo Grullon, Yelena Larkin and Roni Michaely
Rice University - Jesse H. Jones Graduate School of Business, York University - Schulich School of Business and The University of Hong Kong
Downloads 1,995 (13,043)
Citation 44

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Payout Policy, Dividends, Share Repurchases, Product Market Competition

13.

The Information Content of Share Repurchase Programs

Number of pages: 44 Posted: 30 Mar 2000
Gustavo Grullon and Roni Michaely
Rice University - Jesse H. Jones Graduate School of Business and The University of Hong Kong
Downloads 1,937 (13,657)
Citation 41

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14.

Competition in Investment Banking

Number of pages: 34 Posted: 26 Mar 2005
Katrina Ellis, Roni Michaely and Maureen O'Hara
Government of the Commonwealth of Australia - Australian Prudential Regulation Authority (APRA), The University of Hong Kong and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 1,807 (15,298)
Citation 7

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Investment banking, equity offerings, underwriting, analyst recommendations, market making

15.

Using Expectations to Test Asset Pricing Models

Downloads 1,796 (15,402)
Citation 78

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 1,717 (16,227)
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 79 (490,748)
Citation 10

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16.

Do Index Funds Monitor?

Swiss Finance Institute Research Paper No. 19-08, European Corporate Governance Institute – Finance Working Paper No. 638/2019, Accepted, Review of Financial Studies
Number of pages: 75 Posted: 29 Oct 2018 Last Revised: 08 Aug 2021
Davidson Heath, Daniele Macciocchi, Roni Michaely and Matthew C. Ringgenberg
University of Utah - David Eccles School of Business, University of Miami Herbert Business School, The University of Hong Kong and University of Utah - Department of Finance
Downloads 1,736 (16,250)
Citation 14

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Corporate Governance, Passive Investing, Index Investing, Exit, Monitoring, Voting

17.

Do Earnings Estimates Add Value to Sell-Side Analysts' Investment Recommendations?

Management Science, Forthcoming
Number of pages: 48 Posted: 26 Sep 2009 Last Revised: 28 Jul 2016
Ambrus Kecskes, Roni Michaely and Kent L. Womack
York University - Schulich School of Business, The University of Hong Kong and University of Toronto - Rotman School of Management (Deceased)
Downloads 1,597 (18,399)
Citation 4

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Equity research analysts; Investment recommendations; Earnings estimates; Information; Valuation; Asset pricing; Trading strategy

18.

What Do Insiders Know? Evidence from Insider Trading Around Share Repurchases and SEOs

Journal of Corporate Finance, 2021, 66: 101544, 27th Annual Conference on Financial Economics and Accounting Paper, Swiss Finance Institute Research Paper No. 19-11
Number of pages: 62 Posted: 16 Feb 2016 Last Revised: 19 Apr 2021
Peter Cziraki, Evgeny Lyandres and Roni Michaely
University of Toronto - Department of Economics, Tel Aviv University and The University of Hong Kong
Downloads 1,549 (19,279)
Citation 16

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Insider Trading, Repurchases, Seasoned Equity Offers, Market Efficiency

19.

The Deleveraging of U.S. Firms and Institutional Investors' Role

Number of pages: 66 Posted: 10 Oct 2011 Last Revised: 06 Dec 2017
Jillian Grennan, Roni Michaely and Christopher J. Vincent
Santa Clara University, Leavey School of Business, The University of Hong Kong and Federal Housing Finance Agency
Downloads 1,513 (19,993)
Citation 5

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Corporate Leverage; Institutional Investors; Passive Institutions; Active Institutions; Hedge Funds; Corporate Governance; Shareholder Power; U.S. Securities and Exchange Commission; Agency Costs; Financial Distress; Financial Stability; Capital Structure; Debt Structure

20.

Sticking around Too Long? Dynamics of the Benefits of Dual-Class Voting

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 590/2019, Swiss Finance Institute Research Paper No. 19-09
Number of pages: 65 Posted: 21 Mar 2018 Last Revised: 13 Mar 2019
Hyunseob Kim and Roni Michaely
Federal Reserve Bank of Chicago and The University of Hong Kong
Downloads 1,466 (21,026)
Citation 7

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Dual class shares; Voting rights; Sunset provisions; Firm maturity

21.

SPAC IPOs and Sponsor Network Centrality

Number of pages: 59 Posted: 01 Jun 2021 Last Revised: 23 Jun 2021
Chen Lin, Fangzhou Lu, Roni Michaely and Shihua Qin
The University of Hong Kong - Faculty of Business and Economics, The University of Hong Kong - Department of Finance, The University of Hong Kong and The University of Hong Kong - Faculty of Business and Economics
Downloads 1,456 (21,224)
Citation 1

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IPO, Special Purpose Acquisition Company, Network Centrality, SPAC

22.

Determinants of Dividend Smoothing: Empirical Evidence

AFA 2011 Denver Meetings Paper, Johnson School Research Paper Series No. 18-2010
Number of pages: 74 Posted: 18 Mar 2010 Last Revised: 02 Jul 2011
Mark T. Leary and Roni Michaely
Washington University in St. Louis - Olin Business School and The University of Hong Kong
Downloads 1,437 (21,685)
Citation 65

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23.

Artificial Intelligence and High-Skilled Work: Evidence from Analysts

Swiss Finance Institute Research Paper No. 20-84
Number of pages: 74 Posted: 30 Sep 2020 Last Revised: 16 Oct 2020
Jillian Grennan and Roni Michaely
Santa Clara University, Leavey School of Business and The University of Hong Kong
Downloads 1,401 (22,504)
Citation 3

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artificial intelligence, big data, technology, automation, sell-side analysts, job displacement, labor and finance, social skills, non-cognitive skills, tasks, skill premium, skill-biased technological change, compensation

24.

Cybersecurity Risk

Downloads 1,357 (23,648)
Citation 3

Cybersecurity Risk

Review of Financial Studies, Forthcoming, Chicago Booth Research Paper No. 20-47, Swiss Finance Institute Research Paper No. 20-108
Number of pages: 95 Posted: 04 Nov 2020 Last Revised: 29 Mar 2022
Chris Florackis, Christodoulos Louca, Roni Michaely and Michael Weber
University of Liverpool (UK), Cyprus University of Technology, The University of Hong Kong and University of Chicago - Finance
Downloads 1,015 (35,491)

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Cyber attacks, Risk Disclosures, Textual Analysis, Stock returns

Cybersecurity Risk

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-178
Number of pages: 73 Posted: 16 Dec 2020
Chris Florackis, Christodoulos Louca, Roni Michaely and Michael Weber
University of Liverpool (UK), Cyprus University of Technology, The University of Hong Kong and University of Chicago - Finance
Downloads 241 (203,093)

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Cybersecurity Risk

CESifo Working Paper No. 8760
Number of pages: 73 Posted: 15 Dec 2020
Chris Florackis, Christodoulos Louca, Roni Michaely and Michael Weber
University of Liverpool (UK), Cyprus University of Technology, The University of Hong Kong and University of Chicago - Finance
Downloads 63 (557,361)

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Cybersecurity Risk

NBER Working Paper No. w28196
Number of pages: 95 Posted: 19 Jan 2021 Last Revised: 30 Dec 2022
Chris Florackis, Christodoulos Louca, Roni Michaely and Michael Weber
University of Liverpool (UK), Cyprus University of Technology, The University of Hong Kong and University of Chicago - Finance
Downloads 38 (697,877)

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25.

Dynamic Volume-Return Relation of Individual Stocks

Downloads 1,354 (23,680)
Citation 170

Dynamic Volume-Return Relation of Individual Stocks

Number of pages: 45 Posted: 25 Oct 2000
Guillermo Llorente, Roni Michaely, Gideon Saar and Jiang Wang
Universidad Autonoma de Madrid, The University of Hong Kong, Cornell University - Samuel Curtis Johnson Graduate School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 1,116 (31,003)

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Dynamic Volume-Return Relation of Individual Stocks

NYU Working Paper No. FIN-00-032
Number of pages: 45 Posted: 04 Nov 2008
Guillermo Llorente, Roni Michaely, Gideon Saar and Jiang Wang
Universidad Autonoma de Madrid, The University of Hong Kong, Cornell University - Samuel Curtis Johnson Graduate School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 141 (326,759)
Citation 90

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Dynamic Volume-Return Relation of Individual Stocks

NBER Working Paper No. w8312
Number of pages: 55 Posted: 03 Jun 2001 Last Revised: 04 Apr 2022
Guillermo Llorente, Roni Michaely, Gideon Saar and Jiang Wang
Universidad Autonoma de Madrid, The University of Hong Kong, Cornell University - Samuel Curtis Johnson Graduate School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 97 (431,067)
Citation 4

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26.

Institutional Holdings and Payout Policy

Downloads 1,071 (33,459)

Institutional Holdings and Payout Policy

Number of pages: 44 Posted: 06 May 2002
Yaniv Grinstein, Yaniv Grinstein and Roni Michaely
Interdisciplinary Center (IDC) HerzliyahCornell University - Samuel Curtis Johnson Graduate School of Management and The University of Hong Kong
Downloads 1,071 (32,964)
Citation 69

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Institutional Holdings and Payout Policy

Journal of Finance, Vol. 60, pp. 1389-1426, June 2005
Posted: 08 Nov 2005
Yaniv Grinstein, Yaniv Grinstein and Roni Michaely
Interdisciplinary Center (IDC) HerzliyahCornell University - Samuel Curtis Johnson Graduate School of Management and The University of Hong Kong

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Dividend, Repurchase, Institutions

27.

Does the Scope of Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy and Information Content of Analyst Reports

Journal of Finance, Forthcoming
Number of pages: 61 Posted: 06 Jun 2013 Last Revised: 01 Apr 2021
Kenneth J. Merkley, Roni Michaely and Joseph Pacelli
Indiana University - Kelley School of Business - Department of Accounting, The University of Hong Kong and Harvard University - Business School (HBS)
Downloads 1,065 (33,704)
Citation 18

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Analyst Industry, Sell-side equity analysts, Analyst reports, earnings forecasts, IPOs

28.

Signaling Safety

Downloads 1,042 (34,673)
Citation 12

Signaling Safety

Chicago Booth Research Paper 17-30, Fama-Miller Working Paper, European Corporate Governance Institute – Finance Working Paper No. 653/2020, Swiss Finance Institute Research Paper No. 17-30
Number of pages: 110 Posted: 04 Nov 2017 Last Revised: 26 Feb 2020
Roni Michaely, Stefano Rossi and Michael Weber
The University of Hong Kong, Bocconi University and University of Chicago - Finance
Downloads 764 (52,459)
Citation 9

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Dividends, Payout Policy, Cash-Flow Volatility, Signaling Model

The Information Content of Dividends: Safer Profits, Not Higher Profits

Becker Friedman Institute for Research in Economics Working Paper No. 2017-19
Number of pages: 80 Posted: 12 Nov 2017 Last Revised: 28 Mar 2018
Roni Michaely, Stefano Rossi and Michael Weber
The University of Hong Kong, Bocconi University and University of Chicago - Finance
Downloads 148 (314,225)
Citation 1

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Dividends, Payout Policy, Cash Flow Volatility, Signaling Model

The Information Content of Dividends: Safer Profits, Not Higher Profits

CESifo Working Paper Series No. 6751
Number of pages: 75 Posted: 18 Jan 2018
Roni Michaely, Stefano Rossi and Michael Weber
The University of Hong Kong, Bocconi University and University of Chicago - Finance
Downloads 79 (490,748)
Citation 1

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dividends, payout policy, cash flow volatility, signaling model

Signaling Safety

NBER Working Paper No. w24237
Number of pages: 100 Posted: 22 Jan 2018 Last Revised: 24 Mar 2023
Roni Michaely, Stefano Rossi and Michael Weber
The University of Hong Kong, Bocconi University and University of Chicago - Finance
Downloads 50 (623,861)

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Signaling Safety

CEPR Discussion Paper No. DP14174
Number of pages: 102 Posted: 17 Dec 2019
Stefano Rossi, Michael Weber and Roni Michaely
Bocconi University, University of Chicago - Finance and The University of Hong Kong
Downloads 1 (1,014,764)
Citation 1
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cash-flow volatility, dividends, Payout policy, signaling model

29.

Information Revelation Through Regulatory Process: Interactions Between the SEC and Companies Ahead of the IPO

Fifth Annual Conference on Financial Market Regulation, Swiss Finance Institute Research Paper No. 19-47, Forthcoming in Review of Financial Studies
Number of pages: 67 Posted: 02 Jul 2016 Last Revised: 26 Sep 2019
Michelle Lowry, Roni Michaely and Ekaterina Volkova
Drexel University, The University of Hong Kong and University of Melbourne - Faculty of Business and Economics
Downloads 1,001 (36,674)
Citation 29

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Regulation, IPO, Disclosure

30.

Taxation and Dividend Policy: The Muting Effect of Agency Issues and Shareholder Conflicts

Review of Financial Studies, Forthcoming
Number of pages: 56 Posted: 01 Nov 2014 Last Revised: 28 Jan 2017
Martin Jacob and Roni Michaely
WHU - Otto Beisheim School of Management and The University of Hong Kong
Downloads 954 (39,248)
Citation 19

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Payout Policy, Dividend Taxes, Agency Costs, Ownership Structure

31.

On the Fast Track: Information Acquisition Costs and Information Production

Journal of Financial Economics (JFE), Forthcoming, Swiss Finance Institute Research Paper No. 20-14
Number of pages: 80 Posted: 01 Jan 2020 Last Revised: 09 Apr 2021
Deqiu Chen, Yujing Ma, Xiumin Martin and Roni Michaely
University of International Business and Economics, Hong Kong Polytechnic University, Washington University in Saint Louis - Olin School of Business and The University of Hong Kong
Downloads 936 (40,376)
Citation 3

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Information acquisition, Acquisition cost, Information quality, Soft information, Sell side analysts, Price efficiency

32.

On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing

Downloads 936 (40,138)
Citation 248

On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing

Number of pages: 37 Posted: 27 Dec 2003
Jacob Boudoukh, Roni Michaely, Matthew P. Richardson and Michael R. Roberts
Interdisciplinary Center (IDC) Herzliyah, The University of Hong Kong, Department of Finance, Leonard N. Stern School of Business, New York University and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 792 (49,956)
Citation 1

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Stock Returns, Predictability, Dividend Yield, Share Repurchases, Measurement Error

On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing

NBER Working Paper No. w10651
Number of pages: 75 Posted: 25 May 2006 Last Revised: 10 Aug 2022
Jacob Boudoukh, Roni Michaely, Matthew P. Richardson and Michael R. Roberts
Interdisciplinary Center (IDC) Herzliyah, The University of Hong Kong, Department of Finance, Leonard N. Stern School of Business, New York University and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 144 (321,370)
Citation 80

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On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing

Journal of Finance, Forthcoming
Posted: 07 Feb 2006
Jacob Boudoukh, Roni Michaely, Matthew P. Richardson and Michael R. Roberts
Interdisciplinary Center (IDC) Herzliyah, The University of Hong Kong, Department of Finance, Leonard N. Stern School of Business, New York University and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)

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Stock Returns, Predictability, Dividend Yield, Share Repurchases, Measurement Error

33.

The Nominal Price Puzzle

AFA 2007 Chicago Meetings Paper
Number of pages: 58 Posted: 16 Mar 2006
William Charles Weld, Shlomo Benartzi, Roni Michaely and Richard H. Thaler
affiliation not provided to SSRN, University of California at Los Angeles, The University of Hong Kong and University of Chicago - Booth School of Business
Downloads 912 (41,784)
Citation 7

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nominal prices, stock splits, norms

34.

Corporate Governance and the Timing of Earnings Announcements

Review of Finance, 2014, 18(6), 2003-2044
Number of pages: 54 Posted: 15 Mar 2011 Last Revised: 20 Jun 2015
Roni Michaely, Amir Rubin and Alexander Vedrashko
The University of Hong Kong, Simon Fraser University (SFU) - Beedie School of Business and Simon Fraser University - Beedie School of Business
Downloads 886 (43,460)
Citation 10

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Earning Announcements, Governance, Opportunism, Timing

35.

Mutual Funds’ Strategic Voting on Environmental and Social Issues

European Corporate Governance Institute – Finance Working Paper No. 774/2021
Number of pages: 79 Posted: 14 Jul 2021 Last Revised: 07 Feb 2023
Roni Michaely, Guillem Ordonez-Calafi and Silvina Rubio
The University of Hong Kong, University of Bristol and University of Bristol
Downloads 884 (43,667)
Citation 7

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responsible investment, strategic voting, mutual funds, fiduciary duty

36.

Managerial Response to the May 2003 Dividend Tax Cut

Number of pages: 34 Posted: 23 Jan 2007
Campbell R. Harvey, Alon Brav, John R. Graham and Roni Michaely
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, Duke University and The University of Hong Kong
Downloads 780 (51,736)
Citation 16

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

37.

Cultural Diversity on Wall Street: Evidence from Consensus Earnings Forecasts

Journal of Accounting & Economics (JAE), Forthcoming, Swiss Finance Institute Research Paper No. 19-07
Number of pages: 56 Posted: 10 Nov 2017 Last Revised: 05 Mar 2021
Kenneth J. Merkley, Roni Michaely and Joseph Pacelli
Indiana University - Kelley School of Business - Department of Accounting, The University of Hong Kong and Harvard University - Business School (HBS)
Downloads 751 (54,412)
Citation 9

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Diversity; Culture; Forecasting; Sell-side analysts; Information aggregation

38.

Disappearing and Reappearing Dividends

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 36 Posted: 10 Nov 2017 Last Revised: 02 Jul 2021
Roni Michaely and Amani Moin
The University of Hong Kong and Commodity Futures Trading Commision
Downloads 744 (55,077)
Citation 4

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Dividends, Payout Policy, Stock Repurchases

39.

Climate Change and Mutual Fund Voting on Environmental Proposals

European Corporate Governance Institute – Finance Working Paper No. 815/2022
Number of pages: 53 Posted: 01 Jan 2022 Last Revised: 07 Jul 2022
Alberta Di Giuli, Alexandre Garel, Roni Michaely and Arthur Romec
ESCP, Audencia Business School, The University of Hong Kong and Toulouse Business School
Downloads 716 (58,131)
Citation 1

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Climate Change, Shareholder Voting, Mutual Funds

40.

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

Number of pages: 50 Posted: 06 Oct 2005
Alon Brav, Roni Michaely, Michael R. Roberts and Rebecca Zarutskie
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 709 (58,786)
Citation 6

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Equity Offering, Private Debt, Institutional Lenders

41.

Product Market Competition and Internal Governance: Evidence from the Sarbanes Oxley Act

AFA 2013 San Diego Meetings Paper, Forthcoming, Management Science, Johnson School Research Paper Series No. 18-2012
Number of pages: 45 Posted: 20 Mar 2012 Last Revised: 24 Nov 2015
Vidhi Chhaochharia, Yaniv Grinstein, Yaniv Grinstein, Gustavo Grullon and Roni Michaely
University of Miami - Department of Finance, Interdisciplinary Center (IDC) HerzliyahCornell University - Samuel Curtis Johnson Graduate School of Management, Rice University - Jesse H. Jones Graduate School of Business and The University of Hong Kong
Downloads 685 (61,530)
Citation 38

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Corporate Governance, Product Market Competition, Sarbanes Oxley

42.

Owners' Portfolio Diversification and Firm Investment: Theory and Evidence from Private and Public Firms

Johnson School Research Paper Series No. 18-2013, Swiss Finance Institute Research Paper No. 19-12
Number of pages: 68 Posted: 12 Mar 2019 Last Revised: 13 Mar 2019
Evgeny Lyandres, Maria‐Teresa Marchica, Roni Michaely and Roberto Mura
Tel Aviv University, University of Manchester - Alliance Manchester Business School, The University of Hong Kong and University of Manchester - Alliance Manchester Business School
Downloads 663 (64,175)
Citation 6

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diversification, strategies, private firms

43.

Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex-Dividend Pricing Before and after Decimalization

Downloads 663 (64,175)
Citation 51

Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex-Dividend Pricing Before and after Decimalization

Number of pages: 45 Posted: 21 Jul 2002
John R. Graham, Roni Michaely and Michael R. Roberts
Duke University, The University of Hong Kong and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 663 (63,293)
Citation 51

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Ex-dividend, transaction costs, taxes, decimalization

Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex-Dividend Pricing Before and after Decimalization

Posted: 16 Feb 2003
John R. Graham, Roni Michaely and Michael R. Roberts
Duke University, The University of Hong Kong and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)

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Ex-dividend, transaction costs, taxes, decimalization

44.

Why Firms Smooth Dividends: Empirical Evidence

Johnson School Research Paper Series No. 11-08
Number of pages: 58 Posted: 29 Sep 2008
Mark T. Leary and Roni Michaely
Washington University in St. Louis - Olin Business School and The University of Hong Kong
Downloads 660 (64,522)
Citation 3

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45.

Consumption Taxes and Corporate Investment

Forthcoming, Review of Financial Studies, Swiss Finance Institute Research Paper No. 19-40
Number of pages: 51 Posted: 25 Jun 2016 Last Revised: 11 Sep 2019
Martin Jacob, Roni Michaely and Maximilian A. Müller
WHU - Otto Beisheim School of Management, The University of Hong Kong and University of Cologne
Downloads 607 (71,868)
Citation 29

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Consumption Tax, Investment, Tax Policy

46.

Are Friday Announcements Special? Overcoming Selection Bias

Journal of Financial Economics (JFE), Forthcoming, American Finance Association 2016 San Francisco Meetings
Number of pages: 52 Posted: 21 Oct 2012 Last Revised: 21 Apr 2016
Roni Michaely, Amir Rubin and Alexander Vedrashko
The University of Hong Kong, Simon Fraser University (SFU) - Beedie School of Business and Simon Fraser University - Beedie School of Business
Downloads 597 (73,277)
Citation 13

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Inattention; Friday; Selection bias; Corporate announcements; Market reaction

47.

Do Investors Value Dividend Smoothing Stocks Differently?

Forthcoming, Management Science, Johnson School Research Paper Series No. 17-2012
Number of pages: 42 Posted: 17 Mar 2012 Last Revised: 01 May 2016
Yelena Larkin, Mark T. Leary and Roni Michaely
York University - Schulich School of Business, Washington University in St. Louis - Olin Business School and The University of Hong Kong
Downloads 584 (75,483)
Citation 9

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dividend, payout, dividend smoothing, institutions

48.

Do Dividend Taxes Affect Corporate Investment

Downloads 536 (83,807)

Do Dividend Taxes Affect Corporate Investment

CESifo Working Paper Series No. 4931
Number of pages: 34 Posted: 16 Sep 2014
Annette Alstadsæter, Martin Jacob and Roni Michaely
School of Economics and Business, NMBU, WHU - Otto Beisheim School of Management and The University of Hong Kong
Downloads 291 (166,998)

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investment, dividend taxation, private firms

Do Dividend Taxes Affect Corporate Investment?

FAccT Center Working Paper Nr. 15/2014
Number of pages: 39 Posted: 23 Jul 2014 Last Revised: 21 Jan 2015
Annette Alstadsæter, Martin Jacob and Roni Michaely
School of Economics and Business, NMBU, WHU - Otto Beisheim School of Management and The University of Hong Kong
Downloads 245 (199,077)

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Investment, Dividend Taxation, Private Firms

49.

Trading in the Presence of Short-Lived Private Information: Evidence from Analyst Recommendation Changes

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 67 Posted: 23 Apr 2014 Last Revised: 25 May 2017
Ohad Kadan, Roni Michaely and Pamela C. Moulton
Washington University in St. Louis - John M. Olin Business School, The University of Hong Kong and Cornell University - SC Johnson College of Business
Downloads 533 (84,460)
Citation 8

Abstract:

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private information, analyst recommendations, institutional trading, individual trading

50.

Does Board Overlap Promote Coordination Between Firms?

Downloads 491 (93,587)
Citation 1

Does Board Overlap Promote Coordination Between Firms?

Swiss Finance Institute Research Paper No. 21-79, European Corporate Governance Institute – Finance Working Paper No. 803/2021
Number of pages: 58 Posted: 30 Nov 2021 Last Revised: 06 Feb 2023
Heng Geng, Harald Hau, Roni Michaely and Binh Nguyen
Victoria University of Wellington, University of Geneva - Geneva Finance Research Institute (GFRI), The University of Hong Kong and Victoria University of Wellington - Te Herenga Waka - Victoria University of Wellington, Students
Downloads 277 (176,535)

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Board overlap, corporate opportunity waivers, firm coordination

The Effect of Board Overlap on Firm Behavior

Swiss Finance Institute Research Paper No. 21-40
Number of pages: 65 Posted: 19 Jul 2021
Heng Geng, Harald Hau, Roni Michaely and Binh Nguyen
Victoria University of Wellington, University of Geneva - Geneva Finance Research Institute (GFRI), The University of Hong Kong and Victoria University of Wellington - Te Herenga Waka - Victoria University of Wellington, Students
Downloads 165 (286,729)

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Board interlock, corporate opportunity waivers, firm coordination

Does Board Overlap Promote Coordination Between Firms

Number of pages: 58 Posted: 16 Jul 2021 Last Revised: 25 Jul 2022
Heng Geng, Harald Hau, Roni Michaely and Binh Nguyen
Victoria University of Wellington, University of Geneva - Geneva Finance Research Institute (GFRI), The University of Hong Kong and Victoria University of Wellington - Te Herenga Waka - Victoria University of Wellington, Students
Downloads 49 (629,373)
Citation 1

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Board interlock, corporate opportunity waivers, firm coordination

51.

Further Evidence on the Strategic Timing of Earnings News: Joint Analysis of Weekdays and Times of Day

Forthcoming in Journal of Accounting and Economics
Number of pages: 51 Posted: 23 Jul 2015 Last Revised: 03 May 2016
Roni Michaely, Amir Rubin and Alexander Vedrashko
The University of Hong Kong, Simon Fraser University (SFU) - Beedie School of Business and Simon Fraser University - Beedie School of Business
Downloads 432 (108,748)
Citation 5

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earnings announcements, timing, Friday evening, inattention, hiding news, post-earnings announcement drift

52.

Washington Policy Analysts and the Propagation of Political Information

Number of pages: 48 Posted: 10 Aug 2017 Last Revised: 29 Jun 2021
Daniel Bradley, Sinan Gokkaya, Xi Liu and Roni Michaely
University of South Florida, Department of Finance, Ohio University, Miami University of Ohio - Richard T. Farmer School of Business Administration and The University of Hong Kong
Downloads 406 (116,859)

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Policy analysts; policy research; political uncertainty; trading commissions; institutional trading; sell-side analysts

53.

Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?

Downloads 400 (119,611)
Citation 70

Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?

NBER Working Paper No. w4778
Number of pages: 45 Posted: 01 Jul 2003 Last Revised: 24 Jul 2022
Roni Michaely, Richard H. Thaler and Kent L. Womack
The University of Hong Kong, University of Chicago - Booth School of Business and University of Toronto - Rotman School of Management (Deceased)
Downloads 400 (118,517)
Citation 42

Abstract:

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Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?

Posted: 10 May 2000
Roni Michaely, Richard H. Thaler and Kent L. Womack
The University of Hong Kong, University of Chicago - Booth School of Business and University of Toronto - Rotman School of Management (Deceased)

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54.

Risk or Mispricing? From the Mouths of Professionals

Downloads 364 (132,328)
Citation 9

Risk or Mispricing? From the Mouths of Professionals

Number of pages: 37 Posted: 23 Aug 2002
Robert J. Bloomfield and Roni Michaely
Cornell University - Samuel Curtis Johnson Graduate School of Management and The University of Hong Kong
Downloads 347 (138,469)
Citation 8

Abstract:

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Risk or Mispricing? From the Mouths of Professionals

Number of pages: 22 Posted: 20 Aug 2004
Robert J. Bloomfield and Roni Michaely
Cornell University - Samuel Curtis Johnson Graduate School of Management and The University of Hong Kong
Downloads 17 (868,111)

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55.

Political Activism and Market Power

Swiss Finance Institute Research Paper No. 20-60
Number of pages: 73 Posted: 06 Aug 2020 Last Revised: 25 Apr 2022
Elia Ferracuti, Roni Michaely and Laura Wellman
Duke University - Fuqua School of Business, The University of Hong Kong and Pennsylvania State University
Downloads 355 (135,989)
Citation 2

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Market Power, Political Activism, Policy Uncertainty, Competition, Profitability, Profit Margins, Market Share, Capital Investment

56.

Concierge Treatment from Banks: Evidence from the Paycheck Protection Program

Journal of Corporate Finance, Forthcoming
Number of pages: 41 Posted: 02 Feb 2021 Last Revised: 14 Feb 2023
Ran Duchin, Xiumin Martin, Roni Michaely and Hanmeng Ivy Wang
Boston College - Carroll School of Management, Washington University in Saint Louis - Olin School of Business, The University of Hong Kong and Washington University in Saint Louis, John M. Olin Business School, Students
Downloads 262 (186,985)

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COVID-19, credit, Paycheck Protection Program (PPP), agency theory, favoritism, relationship lending

57.

Out of Balance: Do Analysts Issue Sell Recommendations to Manage their Recommendation Distributions?

Swiss Finance Institute Research Paper No. 20-61
Number of pages: 52 Posted: 06 Aug 2020 Last Revised: 24 Feb 2021
Charles Chao Kang, Kenneth J. Merkley, Roni Michaely and Joseph Pacelli
Cornell University - Samuel Curtis Johnson Graduate School of Management, Indiana University - Kelley School of Business - Department of Accounting, The University of Hong Kong and Harvard University - Business School (HBS)
Downloads 261 (187,697)

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Sell-side analysts, bias, stock recommendations

58.

Lured by the Consensus

Swiss Finance Institute Research Paper No. 19-06
Number of pages: 57 Posted: 23 Feb 2018 Last Revised: 13 Mar 2019
Roni Michaely, Amir Rubin, Dan Segal and Alexander Vedrashko
The University of Hong Kong, Simon Fraser University (SFU) - Beedie School of Business, Reichman University and Simon Fraser University - Beedie School of Business
Downloads 258 (189,903)
Citation 2

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consensus, analyst quality, forecasts, post-earnings announcement drift, stock recommendations

59.

Cybersecurity Risk: The Data

Chicago Booth Research Paper No. 23-01
Number of pages: 17 Posted: 09 Jan 2023 Last Revised: 14 Apr 2023
Chris Florackis, Christodoulos Louca, Roni Michaely and Michael Weber
University of Liverpool (UK), Cyprus University of Technology, The University of Hong Kong and University of Chicago - Finance
Downloads 254 (193,612)

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60.

Information Spillover and Corporate Policies: The Case of Listed Options

University of Miami Business School Research Paper No. 3761846
Number of pages: 62 Posted: 13 Jan 2021 Last Revised: 03 Apr 2023
Gennaro (帅纳) Bernile, Jianfeng Hu, Guangzhong Li and Roni Michaely
University of Miami - Department of Finance, Singapore Management University - Lee Kong Chian School of Business, Sun Yat-Sen Business School, Sun Yat-Sen University and The University of Hong Kong
Downloads 238 (205,503)
Citation 2

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Exchange-listed Options, Informational Efficiency, Financial Policies, Investment Policies

61.

Nominal Share Price Puzzle

Journal of Economic Perspectives, Vol. 23, No. 2, pp. 121-42, Spring 2009
Number of pages: 22 Posted: 27 Apr 2010
William Charles Weld, Roni Michaely, Richard H. Thaler and Shlomo Benartzi
affiliation not provided to SSRN, The University of Hong Kong, University of Chicago - Booth School of Business and University of California at Los Angeles
Downloads 182 (263,299)
Citation 17

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nominal prices, stock splits, norms

62.

Do Institutional Directors Matter?

Swiss Finance Institute Research Paper No. 22-89
Number of pages: 32 Posted: 18 Nov 2022 Last Revised: 21 Feb 2023
Heng Geng, Harald Hau, Roni Michaely and Binh Nguyen
Victoria University of Wellington, University of Geneva - Geneva Finance Research Institute (GFRI), The University of Hong Kong and RMIT University Vietnam
Downloads 142 (324,263)

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Institutional ownership, institutional board representation, common ownership competition policy

63.

Do Differences in Analyst Quality Matter for Investors Relying on Consensus Information?

Number of pages: 45 Posted: 12 Feb 2022
Roni Michaely, Amir Rubin, Dan Segal and Alexander Vedrashko
The University of Hong Kong, Simon Fraser University (SFU) - Beedie School of Business, Reichman University and Simon Fraser University - Beedie School of Business
Downloads 132 (343,241)

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consensus, analyst quality, forecasts, dispersion, post-earnings announcement drift

64.

Do Proprietary Traders Provide Liquidity?

Swiss Finance Institute Research Paper No. 20-109
Number of pages: 42 Posted: 17 Nov 2020 Last Revised: 02 Mar 2022
Nittai Bergman, Ohad Kadan, Roni Michaely and Pamela C. Moulton
Tel Aviv University - Berglas School of Economics, Washington University in St. Louis - John M. Olin Business School, The University of Hong Kong and Cornell University - SC Johnson College of Business
Downloads 129 (349,239)

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Liquidity, Proprietary Traders, Volcker Rule

65.

Online Appendix for "Do Index Funds Monitor?"

Review of Financial Economics, Forthcoming
Number of pages: 31 Posted: 25 Mar 2021
Davidson Heath, Daniele Macciocchi, Roni Michaely and Matthew C. Ringgenberg
University of Utah - David Eccles School of Business, University of Miami Herbert Business School, The University of Hong Kong and University of Utah - Department of Finance
Downloads 84 (468,281)

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Corporate Governance, Index Funds, Monitoring, Passive Investing, Voting

66.

Spillover Effects of the Opioid Epidemic on Labor and Innovation

Number of pages: 48 Posted: 14 Dec 2022
Christodoulos Louca, Roni Michaely and Dimitris Petmezas
Cyprus University of Technology, The University of Hong Kong and Durham University Business School
Downloads 62 (553,236)

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Opioid Epidemic, Corporate Innovation, Patents, Citations, Inventor Mobility, Spillover (Non-Personal Addiction) Effects

67.

Product Market Competition and Agency Conflicts: Evidence from the Sarbanes Oxley Act

Posted: 19 Mar 2008 Last Revised: 23 Nov 2015
Vidhi Chhaochharia, Gustavo Grullon, Yaniv Grinstein, Yaniv Grinstein and Roni Michaely
University of Miami - Department of Finance, Rice University - Jesse H. Jones Graduate School of Business, Interdisciplinary Center (IDC) HerzliyahCornell University - Samuel Curtis Johnson Graduate School of Management and The University of Hong Kong

Abstract:

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68.

Are Dividend Changes a Sign of Firm Maturity?

Posted: 22 Jul 2003
Gustavo Grullon, Roni Michaely and Bhaskaran Swaminathan
Rice University - Jesse H. Jones Graduate School of Business, The University of Hong Kong and LSV Asset Management

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69.

Dividends and Taxes: A Re-Examination

Financial Management, Vol. 29, No. 2, Summer 2000
Posted: 14 Jun 2001
Avner Kalay and Roni Michaely
Tel Aviv University - Faculty of Management and The University of Hong Kong

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70.

The Accuracy of Trade Classification Rules: Evidence from NASDAQ

Posted: 19 Feb 2001
Maureen O'Hara, Katrina Ellis and Roni Michaely
Cornell University - Samuel Curtis Johnson Graduate School of Management, Government of the Commonwealth of Australia - Australian Prudential Regulation Authority (APRA) and The University of Hong Kong

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71.

The Effect of Tax Heterogeneity on Prices and Volume Around the Ex-Dividend Day: Evidence from the Milan Stock Exchange

Posted: 16 May 2000
Roni Michaely and Maurizio Murgia
The University of Hong Kong and Free University of Bolzano-Bozen Faculty of Economics and Management

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72.

Investors' Heterogeneity, Prices, and Volume Around the Ex- Dividend Day

Posted: 12 May 2000
Roni Michaely and Jean-Luc Vila
The University of Hong Kong and Convergence Asset Management

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73.

Dividend Policy

Rodney L White Center for Financial Research, 14-94
Posted: 26 Aug 1999
Franklin Allen and Roni Michaely
Imperial College London and The University of Hong Kong

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74.

Conflict of Interest and the Credibility of Underwriters Analyst Recommendations

Posted: 08 May 1999
Roni Michaely and Kent L. Womack
The University of Hong Kong and University of Toronto - Rotman School of Management (Deceased)

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75.

Trading Volume with Private Valuation: Evidence from the Ex-Dividend Day

REVIEW OF FINANCIAL STUDIES, Vol. 9 No. 2
Posted: 05 May 1998
Roni Michaely and Jean-Luc Villa
The University of Hong Kong and Massachusetts Institute of Technology (MIT)

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76.

Conflict of Interest and the Credibility of Underwriter Analyst Recommendations

Posted: 26 Apr 1998
Roni Michaely and Kent L. Womack
The University of Hong Kong and University of Toronto - Rotman School of Management (Deceased)

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77.

Do Investors Ignore Dividend Taxation? A Re-Examination of the Citizens Utilities Case

J. OF FINANCIAL AND QUANTITATIVE ANALYSIS, March 1997
Posted: 31 Mar 1997
Jeff Hubbard and Roni Michaely
Cornell University - Samuel Curtis Johnson Graduate School of Management and The University of Hong Kong

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