Bradford Cornell

Anderson Graduate School of Management, UCLA

Professor of Finance

Pasadena, CA 91125

United States

  • Anderson Graduate School of Management, UCLA

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    • Tel: 626 833-9978
SCHOLARLY PAPERS

56

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53

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56

Scholarly Papers (56)

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1.

Tesla: Anatomy of a Run-Up Value Creation or Investor Sentiment?

Number of pages: 46 Posted: 28 Apr 2014
Bradford Cornell and Aswath Damodaran
Anderson Graduate School of Management, UCLA and New York University - Stern School of Business
Downloads 36,578 (46)
Citation 3

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Valuation, Investor Sentiment, Asset Pricing

2.

The Big Market Delusion: Valuation and Investment Implications

Number of pages: 38 Posted: 23 Dec 2019
Bradford Cornell and Aswath Damodaran
Anderson Graduate School of Management, UCLA and New York University - Stern School of Business
Downloads 4,110 (2,407)

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Pricing, Value, Bubbles, Venture Capital

3.

The Harm in Selecting Funds that Have Recently Outperformed

Number of pages: 12 Posted: 13 Feb 2016 Last Revised: 28 Feb 2016
Bradford Cornell, Jason C. Hsu and David Nanigian
Anderson Graduate School of Management, UCLA, Rayliant Global Advisors and California State University, Fullerton - Department of Finance
Downloads 2,366 (6,076)
Citation 1

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Asset Management, Investment Consultants, Fund Performance, Mutual Fund Selection

4.

When is Bad News Really Bad News?

Downloads 1,301 ( 16,033)

When is Bad News Really Bad News?

EFA 0071
Number of pages: 37 Posted: 21 Jul 1999
Jennifer S. Conrad, Bradford Cornell and Wayne R. Landsman
University of North Carolina Kenan-Flagler Business School, Anderson Graduate School of Management, UCLA and University of North Carolina Kenan-Flagler Business School
Downloads 1,301 (15,714)
Citation 4

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When is Bad News Really Bad News?

Journal of Finance, Forthcoming
Posted: 19 Aug 2002
Jennifer S. Conrad, Bradford Cornell and Wayne R. Landsman
University of North Carolina Kenan-Flagler Business School, Anderson Graduate School of Management, UCLA and University of North Carolina Kenan-Flagler Business School

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When is Bad News Really Bad News?

Journal of Finance, Vol. 57, pp. 2507-2532, 2002
Posted: 30 Jul 2003
Jennifer S. Conrad, Bradford Cornell and Wayne R. Landsman
University of North Carolina Kenan-Flagler Business School, Anderson Graduate School of Management, UCLA and University of North Carolina Kenan-Flagler Business School

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5.

Valuing ESG: Doing Good or Sounding Good?

NYU Stern School of Business
Number of pages: 29 Posted: 19 Mar 2020
Bradford Cornell and Aswath Damodaran
Anderson Graduate School of Management, UCLA and New York University - Stern School of Business
Downloads 1,206 (18,131)

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ESG, Valuation, Corporate Governance, Stakeholder Wealth Maximization, CSR

6.

How Do Analyst Recommendations Respond to Major News?

Downloads 1,177 ( 18,652)

How Do Analyst Recommendations Respond to Major News?

Number of pages: 49 Posted: 15 Apr 2002
Jennifer S. Conrad, Bradford Cornell, Wayne R. Landsman and Brian Rountree
University of North Carolina Kenan-Flagler Business School, Anderson Graduate School of Management, UCLA, University of North Carolina Kenan-Flagler Business School and Rice University - Jesse H. Jones Graduate School of Business
Downloads 1,177 (18,312)
Citation 17

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Analyst Recommendations

How do Analyst Recommendations Respond to Major News?

Journal of Financial and Quantitative Analysis, Forthcoming
Posted: 21 Apr 2005
Jennifer S. Conrad, Bradford Cornell, Wayne R. Landsman and Brian Rountree
University of North Carolina Kenan-Flagler Business School, Anderson Graduate School of Management, UCLA, University of North Carolina Kenan-Flagler Business School and Rice University - Jesse H. Jones Graduate School of Business

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Analyst Recommendations

7.

Accounting Information, Investor Sentiment, and Market Pricing

Journal of Law, Finance, and Accounting (JLFA) , Forthcoming
Number of pages: 31 Posted: 09 Jun 2014 Last Revised: 07 Mar 2017
Bradford Cornell, Wayne R. Landsman and Stephen Stubben
Anderson Graduate School of Management, UCLA, University of North Carolina Kenan-Flagler Business School and University of Utah
Downloads 1,133 (19,749)
Citation 2

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Investor Sentiment, Accruals Quality, Stock Prices, Equity Analysts

8.

Warren Buffett, Black-Scholes and Long Dated Options

Number of pages: 13 Posted: 16 Jul 2009
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 1,080 (21,225)
Citation 1

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Warren Buffett, Black-Scholes, option pricing

9.

Valuing Intel: A Strange Tale of Analysts and Announcements

Anderson School at UCLA Finance Working Paper No. 33-00
Number of pages: 40 Posted: 12 Dec 2000
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 888 (28,227)
Citation 4

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valuation, Intel, volatility, analysts, announcements

10.

The Divestment Penalty: Estimating the Costs of Fossil Fuel Divestment to Select University Endowments

Number of pages: 20 Posted: 04 Sep 2015
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 723 (37,458)
Citation 3

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Investment Divestment

11.

Market Efficiency, Crashes and Securities Litigation

Number of pages: 31 Posted: 19 Dec 2005
Bradford Cornell and James Rutten
Anderson Graduate School of Management, UCLA and Munger, Tolles & Olson, LLP
Downloads 582 (50,050)
Citation 3

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Securities litigation, Efficient Market Hypothesis

12.

The Parent Company Puzzle: When is the Whole Worth Less than One of its Parts

The Anderson School at UCLA Finance Working Paper #7-00
Number of pages: 41 Posted: 08 Nov 2000
Bradford Cornell and Qiao Liu
Anderson Graduate School of Management, UCLA and The University of Hong Kong - School of Economics and Finance
Downloads 522 (57,371)
Citation 11

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13.

The Equity Premium Revisited

Number of pages: 11 Posted: 30 Jul 2010 Last Revised: 29 Dec 2016
Bradford Cornell, Robert D. Arnott and Max Moroz
Anderson Graduate School of Management, UCLA, Research Affiliates, LLC and Research Affiliates, LLC
Downloads 513 (58,632)
Citation 2

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Equity Premium

14.

The Tesla Run-Up: A Follow-Up with Investment Implications

Journal of Portfolio Management, Forthcoming
Number of pages: 11 Posted: 06 Aug 2016
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 508 (59,359)

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investments, Tesla, Valuation

15.

A Delegated Agent Asset-Pricing Model

Downloads 450 ( 68,944)
Citation 13

A Delegated Agent Asset-Pricing Model

UCLA Finance Working Paper
Number of pages: 29 Posted: 16 Aug 2004
Bradford Cornell and Richard Roll
Anderson Graduate School of Management, UCLA and California Institute of Technology
Downloads 322 (101,001)
Citation 12

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Asset pricing

A Delegated Agent Asset-Pricing Model

UCLA Anderson School of Management, Finance Working Papers Series 3-04
Number of pages: 27 Posted: 18 Jul 2009
Bradford Cornell and Richard Roll
Anderson Graduate School of Management, UCLA and California Institute of Technology
Downloads 128 (240,990)
Citation 2

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asset pricing

A Delegated-Agent Asset-Pricing Model

Financial Analysts Journal, Vol. 61, No. 1, pp. 57-69, January/February 2005
Posted: 05 Feb 2005
Bradford Cornell and Richard Roll
Anderson Graduate School of Management, UCLA and California Institute of Technology

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Investment Theory, CAPM, APT, and Other Pricing Theories, Portfolio Theory

16.

Do Institutional Investors and Security Analysts Mitigate the Effects of Investor Sentiment?

Number of pages: 33 Posted: 25 May 2011
Bradford Cornell, Wayne R. Landsman and Stephen Stubben
Anderson Graduate School of Management, UCLA, University of North Carolina Kenan-Flagler Business School and University of Utah
Downloads 434 (72,044)
Citation 6

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Investor Sentiment, Institutional Investors, Security Analysts

17.

Passive Investing and Market Efficiency

Number of pages: 8 Posted: 21 Jun 2017
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 426 (73,685)

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Passive Investing Market Efficiency

18.

How Do Analysts Recommendations Respond to Major News?

Number of pages: 49 Posted: 17 Sep 2004
Jennifer S. Conrad, Bradford Cornell, Wayne R. Landsman and Brian Rountree
University of North Carolina Kenan-Flagler Business School, Anderson Graduate School of Management, UCLA, University of North Carolina Kenan-Flagler Business School and Rice University - Jesse H. Jones Graduate School of Business
Downloads 417 (75,619)

Abstract:

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Analyst recommendations

19.

Investment Research: How Much is Enough

Number of pages: 16 Posted: 28 Jul 2009
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 333 (97,856)

Abstract:

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Investment Research

20.

Information and the Oil Price Collapse

Number of pages: 37 Posted: 26 Mar 2015
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 269 (123,161)

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oil price, collapse, information, arrival

21.

An 'Enhanced' Corporate Valuation Model: Theory and Empirical Tests

Number of pages: 25 Posted: 08 Sep 2015 Last Revised: 29 Sep 2015
Bradford Cornell and Rajiv Gokhale
Anderson Graduate School of Management, UCLA and Compass Lexecon
Downloads 268 (123,662)

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Valuation, DCF, Market Multiples

22.

Competition in Portfolio Management: Theory and Experiment

Number of pages: 47 Posted: 18 Mar 2010 Last Revised: 03 Dec 2012
Elena N. Asparouhova, Peter Bossaerts, Jernej Copic, Bradford Cornell, Jaksa Cvitanic and Debrah Meloso
University of Utah - David Eccles School of Business, University of Melbourne - Department of Finance, Yale University - Cowles Foundation, Anderson Graduate School of Management, UCLA, California Institute of Technology - Division of the Humanities and Social Sciences and Toulouse Business School
Downloads 254 (130,793)
Citation 5

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asset pricing, CAPM, delegated portfolio management, mutual fund flows, experimental finance

23.

Dividend-Price Ratios and Stock Returns: Another Look at the History

Number of pages: 19 Posted: 31 May 2012
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 240 (138,446)
Citation 2

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dividend price ratio, expected returns

24.

Capital Budgeting: A 'General Equilibrium' Analysis

Downloads 223 (148,667)

Capital Budgeting: A 'General Equilibrium' Analysis

Number of pages: 11 Posted: 17 Oct 2014 Last Revised: 21 Oct 2014
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 160 (200,795)

Abstract:

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capital budgeting, discount rates

Capital Budgeting: A 'General Equilibrium' Analysis

Journal of Financial Perspectives, Vol. 3, No. 1, 2015
Number of pages: 12 Posted: 04 Dec 2017
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 63 (380,402)

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25.

Do Valuation Multiples Reflect a Size Effect?

Number of pages: 28 Posted: 01 Oct 2015
Bradford Cornell and Rajiv Gokhale
Anderson Graduate School of Management, UCLA and Compass Lexecon
Downloads 210 (157,276)

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Valuation Market Multiples Size Effect

26.

Estimating Terminal Values with Inflation: The Inputs Matter – It Is Not a Formulaic Exercise

Number of pages: 22 Posted: 28 Aug 2017 Last Revised: 06 Nov 2017
Bradford Cornell and Richard Gerger
Anderson Graduate School of Management, UCLA and San Marino Business Partners LLC
Downloads 203 (163,126)
Citation 1

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DCF Valuation, Terminal Value

27.

Compensation and Recruiting: Private Universities Versus Private Corporations

UCLA Finance Working Paper
Number of pages: 28 Posted: 10 Jun 2002
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 186 (175,902)
Citation 4

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28.

Collateral Damage and Securities Litigation

Number of pages: 38 Posted: 16 Jul 2009
James Rutten and Bradford Cornell
Munger, Tolles & Olson, LLP and Anderson Graduate School of Management, UCLA
Downloads 178 (182,996)

Abstract:

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securities, litigation, finance

29.

Market Efficiency and Securities Litigation: Implications of the Appellate Decision in Thane

Number of pages: 14 Posted: 28 Dec 2010
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 176 (184,777)

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finance, law, market efficiency, securities litigation

30.

The Machinery of Asset Pricing and Its Implications

Number of pages: 23 Posted: 04 Jan 2014
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 149 (212,890)
Citation 2

Abstract:

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Asset pricing

31.

Presidential Politics and Stock Returns

Number of pages: 13 Posted: 29 Apr 2017
Robert D. Arnott, Bradford Cornell and Vitali Kalesnik
Research Affiliates, LLC, Anderson Graduate School of Management, UCLA and Research Affiliates LLC
Downloads 126 (242,902)

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Politics Stock Returns

32.

A Note on Estimating Constant Growth Terminal Values with Inflation

Number of pages: 8 Posted: 25 May 2017
Bradford Cornell and Richard Gerger
Anderson Graduate School of Management, UCLA and San Marino Business Partners LLC
Downloads 125 (244,367)
Citation 1

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Valuation Inflation Constant Growth Model

33.

Economic Growth and Equity Investing

Downloads 94 (298,086)

Economic Growth and Equity Investing

Number of pages: 31 Posted: 18 Jul 2009 Last Revised: 29 Dec 2015
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 94 (300,321)

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Economic Growth, Equity Investing

Economic Growth and Equity Investing

Financial Analysts Journal, Vol. 66, No. 1, 2010
Posted: 18 Feb 2010
Bradford Cornell
Anderson Graduate School of Management, UCLA

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Relationship of Economic Activity to the Investment Process, Equity Investments, Fundamental Analysis and Valuation Models

34.

Stock Characteristics and Stock Returns: A Skeptic’s Look at the Cross-Section of Returns

Number of pages: 25 Posted: 20 Nov 2019 Last Revised: 23 Dec 2019
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 79 (331,702)

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stock characteristics, stock returns, asset pricing

35.

Dividends, Stock Repurchases, and Valuation

Journal of Applied Finance , Vol. 15, No. 2, Fall/Winter 2005
Number of pages: 12 Posted: 14 Jun 2006
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 75 (341,950)

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36.

Mispricing and the Cost of Capital: The Example of Tesla

Number of pages: 7 Posted: 10 Mar 2020 Last Revised: 11 Mar 2020
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 66 (369,450)

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valuation, cost of capital, mispricing

37.

Energy and Investing

Number of pages: 79 Posted: 01 Apr 2019
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 51 (414,805)

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renewable energy, finance

38.

Accounting and Valuation: How Helpful are Recent Accounting Rule Changes?

Journal of Applied Corporate Finance, Vol. 18, No. 4, pp. 44-52, Fall 2006
Number of pages: 11 Posted: 11 Dec 2006
Bradford Cornell and Wayne R. Landsman
Anderson Graduate School of Management, UCLA and University of North Carolina Kenan-Flagler Business School
Downloads 40 (457,522)
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39.

Consistent Treatment of Inflation in Discounted Cash Flow Valuation

Number of pages: 20 Posted: 14 Aug 2019
Bradford Cornell and Richard Gerger
Anderson Graduate School of Management, UCLA and R&T Capital, LLC
Downloads 39 (461,744)

Abstract:

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valuation inflation

40.

Is the Stock Market Worried About Climate Change? Lessons from the 2010s

Number of pages: 14 Posted: 10 Mar 2020 Last Revised: 13 May 2020
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 37 (470,363)

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climate change, stock market, valuation

41.

How Efficient is Sufficient: Applying the Concept of Market Efficiency in Litigation

The Business Lawyer, Vol. 74, Spring 2019
Number of pages: 18 Posted: 16 Jan 2020
Bradford Cornell and John Haut
Anderson Graduate School of Management, UCLA and Compass Lexecon
Downloads 23 (543,605)

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Market Efficiency, Litigation, Law and Economics

42.

The Impact of Analysts' Forecast Errors and Forecast Revisions on Stock Prices

Journal of Business Finance & Accounting, Vol. 35, Issue 5-6, pp. 709-740, June/July 2008
Number of pages: 32 Posted: 18 Jun 2008
William H. Beaver, Bradford Cornell, Wayne R. Landsman and Stephen Stubben
Stanford University, Anderson Graduate School of Management, UCLA, University of North Carolina Kenan-Flagler Business School and University of Utah
Downloads 3 (678,750)
Citation 3
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43.

Assessing Mutual Fund Performance in China

Journal of Portfolio Management, Vol. 46, 2020, https://jpm.pm-research.com/content/46/5/118
Posted: 10 Mar 2020
Bradford Cornell, Jason C. Hsu, Patrick Christian Kiefer and Phillip Wool
Anderson Graduate School of Management, UCLA, Rayliant Global Advisors, University of California, Los Angeles (UCLA) - Anderson School of Management and Rayliant Global Advisors

Abstract:

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China, Mutual Fund, Performance

44.

Medallion Fund: The Ultimate Counterexample?

Journal of Portfolio Management, Vol. 46, No. 4, 2020, https://jpm.pm-research.com/content/46/4/156
Posted: 07 Jan 2020
Bradford Cornell
Anderson Graduate School of Management, UCLA

Abstract:

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Medallion, Investment Performance, Market Efficiency

45.

Dividend-Price Ratios and Stock Returns: International Evidence

https://doi.org/10.3905/jpm.2014.40.2.122
Posted: 21 May 2019
Bradford Cornell
Anderson Graduate School of Management, UCLA

Abstract:

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Dividend-Price Ratio, International, Returns

46.

Information Flow and Expected Inflation: An Empirical Analysis

https://doi.org/10.3905/joi.2017.26.4.008
Posted: 21 May 2019
Bradford Cornell
Anderson Graduate School of Management, UCLA

Abstract:

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Inflation, Information, Macroeconomic models

47.

What is the Alternative Hypothesis to Market Efficiency?

https://doi.org/10.3905/jpm.2018.44.7.003
Posted: 08 May 2018
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 0 (719,296)

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Efficient Markets, Behavioral Finance

48.

The Self-fulfilling Prophecy of Popular Asset Pricing Models

Journal of Investment Management, vol. 14, no. 1, 2016
Posted: 08 Aug 2014 Last Revised: 28 Dec 2016
Jason C. Hsu and Bradford Cornell
Rayliant Global Advisors and Anderson Graduate School of Management, UCLA

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asset pricing, expected returns, behavioral finance, discounted cash flows, utility functions

49.

Demographics, GDP and Future Stock Returns: The Implications of Some Basic Principles

Posted: 10 Jun 2012
Bradford Cornell
Anderson Graduate School of Management, UCLA

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50.

Beliefs Regarding Fundamental Value and Optimal Investing

Second Singapore International Conference on Finance 2008
Posted: 20 Mar 2008 Last Revised: 09 Feb 2019
Jaksa Cvitanic, Bradford Cornell and Levon Goukasian
California Institute of Technology - Division of the Humanities and Social Sciences, Anderson Graduate School of Management, UCLA and Pepperdine University - Business Division

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Investor beliefs, mispricing, optimal portfolios, range reversion, risk premium

51.

The Parent Company Puzzle: When is the Whole Worth Less than One of the Parts?

Journal of Corporate Finance, Vol. 7, pp. 341-366, December 2001
Posted: 15 Apr 2002
Qiao Liu and Bradford Cornell
The University of Hong Kong - School of Economics and Finance and Anderson Graduate School of Management, UCLA

Abstract:

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parent company puzzle, taxes, mispricing

52.

Is the Response of Analysts to Information Consistent with Fundamental Valuation? The Case of Intel

Financial Management, Vol. 29, Iss. 4, Winter 2000
Posted: 23 May 2001
Bradford Cornell
Anderson Graduate School of Management, UCLA

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53.

Risk, Duration, and Capital Budgeting: New Evidence on Some Old Questions

Journal of Business, Vol. 72, No. 2, April 1999
Posted: 12 Feb 1999
Bradford Cornell
Anderson Graduate School of Management, UCLA

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54.

Culture, Information, and Screening Discrimination

Downloads 0 (719,296)

Culture, Information, and Screening Discrimination

JOURNAL OF POLITICAL ECONOMY, Vol. 104, No. 3, June 1996
Posted: 21 Jun 1996
Bradford Cornell and Ivo Welch
Anderson Graduate School of Management, UCLA and University of California, Los Angeles (UCLA)

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Culture, Information, and Screening Discrimination

Posted: 02 Feb 1995
Bradford Cornell and Ivo Welch
Anderson Graduate School of Management, UCLA and University of California, Los Angeles (UCLA)

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55.

Throwing Good Money after Bad? Cash Infusions and Distressed Real Estate

Downloads 0 (719,296)

Throwing Good Money after Bad? Cash Infusions and Distressed Real Estate

REAL ESTATE ECONOMICS, Vol. 24 No. 1
Posted: 19 Apr 1996
Bradford Cornell, Eduardo S. Schwartz and Francis A. Longstaff
Anderson Graduate School of Management, UCLA, Simon Fraser University (SFU) and University of California, Los Angeles (UCLA) - Finance Area

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Throwing Good Money after Bad? Cash Infusions and Distressed Real Estate

UCLA Working Paper No 4-94
Posted: 18 Jul 1994
Bradford Cornell, Francis A. Longstaff and Eduardo S. Schwartz
Anderson Graduate School of Management, UCLA, University of California, Los Angeles (UCLA) - Finance Area and Simon Fraser University (SFU)

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56.

ESG Investing: Conceptual Issues

Number of pages: 20
Bradford Cornell
Anderson Graduate School of Management, UCLA
Downloads 0

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ESG Climate Environment Finance Investing