Ivo Welch

University of California, Los Angeles (UCLA)

Professor

110 Westwood Plaza

C519

Los Angeles, CA 90095-1481

United States

http://www.ivo-welch.info

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • University of California, Los Angeles (UCLA)

    • Email
    • Tel: 310-825-2508
SCHOLARLY PAPERS

83

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Rank 97

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Top 97

in Total Papers Downloads

105,346

SSRN CITATIONS
Rank 111

SSRN RANKINGS

Top 111

in Total Papers Citations

1,440

CROSSREF CITATIONS

3,549

Scholarly Papers (83)

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1.

A Review of IPO Activity, Pricing and Allocations

Downloads 16,069 ( 252)
Citation 507

A Review of IPO Activity, Pricing and Allocations

Yale ICF Working Paper No. 02-01
Number of pages: 45 Posted: 09 Jan 2002
Jay R. Ritter and Ivo Welch
University of Florida - Department of Finance, Insurance and Real Estate and University of California, Los Angeles (UCLA)
Downloads 15,812 (254)
Citation 117

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IPOs

A Review of IPO Activity, Pricing, and Allocations

NBER Working Paper No. w8805
Number of pages: 45 Posted: 21 Feb 2002 Last Revised: 25 Jul 2021
Ivo Welch and Jay R. Ritter
University of California, Los Angeles (UCLA) and University of Florida - Department of Finance, Insurance and Real Estate
Downloads 257 (149,376)
Citation 131

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A Review of IPO Activity, Pricing, and Allocations

Posted: 30 Dec 2003
Ivo Welch and Jay R. Ritter
University of California, Los Angeles (UCLA) and University of Florida - Department of Finance, Insurance and Real Estate

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2.

Portfolio Performance Manipulation and Manipulation-Proof Performance Measures

Downloads 7,690 ( 990)

Portfolio Performance Manipulation and Manipulation-Proof Performance Measures

Yale ICF Working Paper No. 02-08, AFA 2003 Washington, DC Meetings
Number of pages: 48 Posted: 22 Mar 2002
William N. Goetzmann, Jonathan E. Ingersoll, Matthew I. Spiegel and Ivo Welch
Yale School of Management - International Center for Finance, Yale School of Management - International Center for Finance, Yale University - Yale School of Management, International Center for Finance and University of California, Los Angeles (UCLA)
Downloads 7,690 (977)
Citation 95

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Portfolio Performance Manipulation and Manipulation-Proof Performance Measures

The Review of Financial Studies, Vol. 20, Issue 5, pp. 1503-1546, 2007
Posted: 26 Jun 2008
Jonathan E. Ingersoll, Matthew I. Spiegel, William N. Goetzmann and Ivo Welch
Yale School of Management - International Center for Finance, Yale University - Yale School of Management, International Center for Finance, Yale School of Management - International Center for Finance and University of California, Los Angeles (UCLA)

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G11, G23, G24

3.

Capital Structure and Stock Returns

Downloads 6,981 ( 1,178)

Capital Structure and Stock Returns

Number of pages: 35 Posted: 25 Jan 2002
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 6,981 (1,171)
Citation 108

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Capital Structure and Stock Returns

Posted: 25 Jan 2004
Ivo Welch
University of California, Los Angeles (UCLA)

Abstract:

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4.

Investor Sentiment Measures

Downloads 6,283 ( 1,409)
Citation 43

Investor Sentiment Measures

Number of pages: 50 Posted: 14 Sep 2004
Lily Xiaoli Qiu and Ivo Welch
Brown University - Department of Economics and University of California, Los Angeles (UCLA)
Downloads 5,997 (1,514)
Citation 63

Abstract:

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investor sentiment, consumer confidence

Investor Sentiment Measures

NBER Working Paper No. w10794
Number of pages: 51 Posted: 03 Aug 2006 Last Revised: 01 Jul 2021
Lily Xiaoli Qiu and Ivo Welch
Brown University - Department of Economics and University of California, Los Angeles (UCLA)
Downloads 286 (133,817)
Citation 1

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5.

The Top Achievements, Challenges, and Failures of Finance

Number of pages: 19 Posted: 28 Nov 2001
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 6,083 (1,491)
Citation 3

Abstract:

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6.

The Link between Fama-French Time-Series Tests and Fama-Macbeth Cross-Sectional Tests

Number of pages: 21 Posted: 23 Sep 2008 Last Revised: 25 Nov 2008
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 4,641 (2,389)
Citation 7

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Asset Pricing, Fama-French, Fama-Macbeth, APT, CAPM

7.

Research Roundtable Discussion: The Market Risk Premium

Number of pages: 10 Posted: 27 Jun 2000
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 4,501 (2,515)

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8.

Predicting the Equity Premium with Dividend Ratios

Downloads 3,911 ( 3,220)
Citation 222

Predicting the Equity Premium with Dividend Ratios

Yale ICF Working Paper No. 02-04
Number of pages: 36 Posted: 28 Apr 1999
Amit Goyal and Ivo Welch
University of Lausanne and University of California, Los Angeles (UCLA)
Downloads 3,770 (3,342)
Citation 9

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Predicting the Equity Premium with Dividend Ratios

NBER Working Paper No. w8788
Number of pages: 33 Posted: 14 Feb 2002 Last Revised: 08 Jul 2021
Amit Goyal and Ivo Welch
University of Lausanne and University of California, Los Angeles (UCLA)
Downloads 141 (257,325)
Citation 25

Abstract:

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9.

Common Problems in Capital Structure Research: The Financial-Debt-To-Asset Ratio, and Issuing Activity vs. Leverage Changes

AFA 2008 New Orleans Meetings Paper
Number of pages: 18 Posted: 20 Sep 2006 Last Revised: 22 Oct 2010
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 3,842 (3,320)
Citation 7

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capital structure

10.

A Comprehensive Look at the Empirical Performance of Equity Premium Prediction

Downloads 3,565 ( 3,755)
Citation 789

A Comprehensive Look at the Empirical Performance of Equity Premium Prediction

Yale ICF Working Paper No. 04-11
Number of pages: 59 Posted: 30 Apr 2004
Amit Goyal and Ivo Welch
University of Lausanne and University of California, Los Angeles (UCLA)
Downloads 3,418 (3,962)
Citation 7

Abstract:

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Equity Premium, Prediction, Stock Market

A Comprehensive Look at the Empirical Performance of Equity Premium Prediction

NBER Working Paper No. w10483
Number of pages: 53 Posted: 26 May 2004 Last Revised: 25 Aug 2021
Amit Goyal and Ivo Welch
University of Lausanne and University of California, Los Angeles (UCLA)
Downloads 147 (248,801)
Citation 167

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A Comprehensive Look at the Empirical Performance of Equity Premium Prediction

The Review of Financial Studies, Vol. 21, Issue 4, pp. 1455-1508, 2008
Posted: 08 Aug 2008
Ivo Welch and Amit Goyal
University of California, Los Angeles (UCLA) and University of Lausanne

Abstract:

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G12, G14

11.

A Critique of Recent Quantitative and Deep-Structure Modeling in Capital Structure Research and Beyond

AFA 2011 Denver Meetings Paper
Number of pages: 44 Posted: 04 Mar 2010 Last Revised: 18 Sep 2013
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 2,964 (5,195)
Citation 10

Abstract:

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Quantitative Structural Modeling

12.

Liquidity and Financial Market Runs

Number of pages: 35 Posted: 15 Jul 2003
Antonio E. Bernardo and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area and University of California, Los Angeles (UCLA)
Downloads 2,820 (5,625)
Citation 9

Abstract:

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13.

The Equity Premium Consensus Forecast Revisited

Number of pages: 15 Posted: 27 Sep 2001
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 2,701 (6,039)
Citation 4

Abstract:

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Equity Premium

14.

A Note on 'Predicting Returns with Financial Ratios'

Number of pages: 12 Posted: 27 Jan 2004
Ivo Welch and Amit Goyal
University of California, Los Angeles (UCLA) and University of Lausanne
Downloads 2,430 (7,150)

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15.

The Consensus Estimate for the Equity Premium by Academic Financial Economists in December 2007

Number of pages: 14 Posted: 17 Jan 2008 Last Revised: 22 Jul 2009
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 1,561 (14,557)
Citation 40

Abstract:

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equity premium

16.

An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness

Downloads 1,527 ( 15,078)

An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness

Yale ICF Working Paper No. 00-47, Cowles Foundation Discussion Paper No. 1306, Dice Working Paper No. 2000-4
Number of pages: 46 Posted: 17 May 2001 Last Revised: 20 Aug 2009
David A. Hirshleifer, David A. Hirshleifer and Ivo Welch
Marshall School of Business, USCUniversity of California, Irvine - Paul Merage School of Business and University of California, Los Angeles (UCLA)
Downloads 1,527 (14,803)
Citation 7

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Memory, Inertia, Amnesia, Behavioral Economics

An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness

Journal of Economics and Management Strategy, Vol. 11, No. 3, pp. 379-421, Fall 2002
Posted: 01 Dec 2008
David A. Hirshleifer, David A. Hirshleifer and Ivo Welch
Marshall School of Business, USCUniversity of California, Irvine - Paul Merage School of Business and University of California, Los Angeles (UCLA)

Abstract:

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17.

Views of Financial Economists on the Equity Premium and on Professional Controversies

Downloads 1,510 ( 15,333)
Citation 29

Views of Financial Economists on the Equity Premium and on Professional Controversies

Number of pages: 52 Posted: 27 Apr 2000
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 1,510 (15,056)
Citation 29

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Views of Financial Economists on the Equity Premium and on Professional Controversies

Posted: 05 Jul 2000
Ivo Welch
University of California, Los Angeles (UCLA)

Abstract:

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18.

Best Practice for Cost-of-Capital Estimates

Marshall School of Business Working Paper No. 17-4
Number of pages: 65 Posted: 04 Oct 2015 Last Revised: 21 Feb 2017
Yaron Levi and Ivo Welch
University of Southern California - Marshall School of Business and University of California, Los Angeles (UCLA)
Downloads 1,388 (17,503)
Citation 13

Abstract:

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cost of capital, capital budgeting, CAPM

19.

A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades

Journal of Political Economy, Vol. 100, No. 5, pp. 992-1026, October 1992
Number of pages: 51 Posted: 01 Dec 2008 Last Revised: 18 May 2009
Sushil Bikhchandani, Ivo Welch, David A. Hirshleifer and David A. Hirshleifer
University of California, Los Angeles - Anderson School of Management, University of California, Los Angeles (UCLA) and Marshall School of Business, USCUniversity of California, Irvine - Paul Merage School of Business
Downloads 1,362 (18,027)
Citation 160

Abstract:

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20.

Who Should Pay for Bankruptcy Costs?

Number of pages: 45 Posted: 01 May 2003
Ivo Welch, Arturo Bris and Alan Schwartz
University of California, Los Angeles (UCLA), IMD International and Yale Law School
Downloads 1,225 (21,113)

Abstract:

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21.

On the Evolution of Overconfidence and Entrepreneurs

Downloads 1,221 ( 21,243)
Citation 6

On the Evolution of Overconfidence and Entrepreneurs

Number of pages: 53 Posted: 16 Jul 2001
Antonio E. Bernardo and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area and University of California, Los Angeles (UCLA)
Downloads 1,221 (20,880)
Citation 6

Abstract:

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Evolution, Overconfidence, Behavioral Economics

On the Evolution of Overconfidence and Entrepreneurs

University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship
Posted: 28 Oct 2009
Antonio E. Bernardo and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area and University of California, Los Angeles (UCLA)

Abstract:

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Theoretical, Overconfidence, Self-efficacy, Management decisions, Startups, Groups, Risk orientation, Survival rates

22.

Simply Better Market Betas

Downloads 1,182 ( 22,278)

Simply Better Market Betas

Number of pages: 38 Posted: 06 May 2019 Last Revised: 22 Jun 2021
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 1,158 (22,534)

Abstract:

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market-beta, robust estimation, winsorization

Simpler Better Market Betas

NBER Working Paper No. w26105
Number of pages: 62 Posted: 02 Aug 2019 Last Revised: 01 May 2021
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 24 (631,581)

Abstract:

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23.

Reconciling Estimates of the Speed of Adjustment of Leverage Ratios

Number of pages: 49 Posted: 26 Jan 2010 Last Revised: 22 Oct 2010
Peter Iliev and Ivo Welch
Pennsylvania State University - Department of Finance and University of California, Los Angeles (UCLA)
Downloads 1,180 (22,334)
Citation 59

Abstract:

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Capital Structure, Leverage Ratios, Speed of Adjustment

24.

Optimized vs. Sort-Based Portfolios

AFA 2010 Atlanta Meetings Paper
Number of pages: 45 Posted: 14 Jan 2009 Last Revised: 28 Dec 2009
Gerard Hoberg and Ivo Welch
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA)
Downloads 1,176 (22,433)
Citation 6

Abstract:

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book-to-market, HML, characteristics, factors

25.

The Costs of Bankruptcy

Journal of Finance, Forthcoming, Yale ICF Working Paper No. 04-13, AFA 2005 Philadelphia Meetings Paper
Number of pages: 81 Posted: 07 Dec 2005
Arturo Bris, Ivo Welch and Ning Zhu
IMD International, University of California, Los Angeles (UCLA) and China Academy of Financial Research (CAFR)
Downloads 1,151 (23,130)
Citation 3

Abstract:

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26.

The Wisdom of the Robinhood Crowd

Downloads 1,143 ( 23,367)
Citation 8

The Wisdom of the Robinhood Crowd

Journal of Finance, Forthcoming
Number of pages: 48 Posted: 21 Sep 2020 Last Revised: 23 Aug 2021
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 836 (35,946)
Citation 10

Abstract:

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The Wisdom of the Robinhood Crowd

NBER Working Paper No. w27866
Number of pages: 52 Posted: 28 Sep 2020 Last Revised: 27 Jun 2021
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 307 (124,065)

Abstract:

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27.

Referee Recommendations

Number of pages: 36 Posted: 29 Aug 2012 Last Revised: 03 Jun 2013
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 1,102 (24,668)
Citation 9

Abstract:

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28.

Do Powerful Politicians Really Cause Corporate Downsizing?

Number of pages: 8 Posted: 05 Sep 2014 Last Revised: 21 Oct 2015
Jason Snyder and Ivo Welch
University of California, Los Angeles (UCLA) - Anderson School of Management and University of California, Los Angeles (UCLA)
Downloads 1,071 (25,718)
Citation 5

Abstract:

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Earmarks, Investment

29.

Plausibility

Number of pages: 23 Posted: 27 Feb 2015 Last Revised: 23 Jun 2015
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 1,029 (27,238)
Citation 1

Abstract:

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causality, plausibility

30.

The Optimal Concentration of Creditors

Downloads 973 ( 29,485)
Citation 42

The Optimal Concentration of Creditors

Number of pages: 33 Posted: 27 Nov 2001
Ivo Welch and Arturo Bris
University of California, Los Angeles (UCLA) and IMD International
Downloads 932 (30,924)

Abstract:

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Banking, Capital Structure

The Optimal Concentration of Creditors

NBER Working Paper No. w8652
Number of pages: 42 Posted: 14 Dec 2001 Last Revised: 23 Aug 2021
Arturo Bris and Ivo Welch
IMD International and University of California, Los Angeles (UCLA)
Downloads 41 (528,510)
Citation 3

Abstract:

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31.

A Theory of Legal Presumptions

Downloads 950 ( 30,518)
Citation 25

A Theory of Legal Presumptions

USC Law School, Olin Working Paper No. 99-8
Number of pages: 50 Posted: 04 May 1999
Antonio E. Bernardo, Eric L. Talley and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area, Columbia University - School of Law and University of California, Los Angeles (UCLA)
Downloads 696 (46,145)
Citation 24

Abstract:

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A Theory of Legal Presumptions

Number of pages: 49 Posted: 11 Jul 2000
Antonio E. Bernardo, Eric L. Talley and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area, Columbia University - School of Law and University of California, Los Angeles (UCLA)
Downloads 254 (151,112)
Citation 2

Abstract:

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32.

Aged and Recent Market Betas in Securities Pricing

Number of pages: 56 Posted: 17 Dec 2009
Gerard Hoberg and Ivo Welch
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA)
Downloads 920 (31,964)
Citation 5

Abstract:

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market-beta, factor pricing, APT

33.

The Costs of Bankruptcy Chapter 7 Cash Auctions vs. Chapter 11 Bargaining

EFA 2004 Maastricht Meetings Paper No. 5155
Number of pages: 71 Posted: 03 Aug 2004
Arturo Bris, Ivo Welch and Ning Zhu
IMD International, University of California, Los Angeles (UCLA) and China Academy of Financial Research (CAFR)
Downloads 804 (38,453)
Citation 14

Abstract:

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34.

A Different Way to Estimate the Equity Premium (for CAPM and One-Factor Model Use Only)

Number of pages: 11 Posted: 24 Dec 2007 Last Revised: 25 Nov 2008
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 730 (43,882)
Citation 17

Abstract:

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Beta, Capital Budgeting, CAPM

35.

The Effect of Socially Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott

London Business School Institute of Finance and Accounting working paper 222
Number of pages: 58 Posted: 11 Nov 1996
Siew Hong Teoh, Ivo Welch and C. Paul Wazzan
UCLA Anderson School of Management, University of California, Los Angeles (UCLA) and Berkeley Research Group,LLC
Downloads 723 (44,435)
Citation 50

Abstract:

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36.

Why is Bank Debt Senior? A Theory of Priority Based on Influence Costs

Number of pages: 44 Posted: 21 Aug 1996
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 589 (58,074)
Citation 9

Abstract:

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37.

Ethics (Web Chapter)

Number of pages: 50 Posted: 23 Jan 2006 Last Revised: 08 Feb 2015
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 540 (64,747)

Abstract:

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38.

A Model of Operational Slack: The Short-Run, Medium-Run, and Long-Run Consequences of Limited Attention

AFA 2010 Atlanta Meetings Paper
Number of pages: 48 Posted: 02 Jan 2007 Last Revised: 09 Dec 2016
Peter Iliev and Ivo Welch
Pennsylvania State University - Department of Finance and University of California, Los Angeles (UCLA)
Downloads 460 (78,902)
Citation 1

Abstract:

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Attention, Project Choice, Slack, Overinvestment, Diversification Discount

39.

Sharpening Sharpe Ratios

NBER Working Paper No. w9116
Number of pages: 51 Posted: 23 Aug 2002
William N. Goetzmann, Jonathan E. Ingersoll, Matthew I. Spiegel and Ivo Welch
Yale School of Management - International Center for Finance, Yale School of Management - International Center for Finance, Yale University - Yale School of Management, International Center for Finance and University of California, Los Angeles (UCLA)
Downloads 451 (80,783)

Abstract:

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40.

Stock Return Outliers

Number of pages: 17 Posted: 13 Nov 2017
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 448 (81,414)

Abstract:

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41.

Market-Beta and Downside Risk

Number of pages: 50 Posted: 18 Jul 2017 Last Revised: 14 May 2020
Yaron Levi and Ivo Welch
University of Southern California - Marshall School of Business and University of California, Los Angeles (UCLA)
Downloads 382 (98,045)
Citation 2

Abstract:

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Market Beta, Crash Risk

42.

Ratios of Changes: How Real Estate Shocks Did Not Affect Corporate Investment

Number of pages: 55 Posted: 04 Jun 2020 Last Revised: 05 Aug 2020
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 363 (103,840)
Citation 1

Abstract:

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collateral, real-estate, corporate investment

43.

Extended Stock Returns in Response to S&P 500 Index Changes

Number of pages: 46 Posted: 02 Aug 2015 Last Revised: 04 Oct 2016
Nimesh Patel and Ivo Welch
University of Hawai'i at Manoa, Shidler College of Business and University of California, Los Angeles (UCLA)
Downloads 345 (109,846)
Citation 12

Abstract:

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S&P 500

44.

Noise in Stock Returns as Natural Experiments: Forward- and Backward-Looking Market-Betas, Momentum, and Reversals

Number of pages: 49 Posted: 23 Mar 2009 Last Revised: 14 May 2009
Gerard Hoberg and Ivo Welch
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA)
Downloads 308 (124,328)

Abstract:

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45.

Leverage and Preemptive Selling of Financial Institutions

AFA 2011 Denver Meetings Paper
Number of pages: 50 Posted: 31 Oct 2009 Last Revised: 03 Oct 2010
Antonio E. Bernardo and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area and University of California, Los Angeles (UCLA)
Downloads 303 (126,484)
Citation 2

Abstract:

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Leverage, Banks, Financial Institutions, Preemptive Selling, Fire Sales

46.

A Model of Optimal Corporate Bailouts

Number of pages: 41 Posted: 05 May 2011 Last Revised: 05 May 2012
Antonio E. Bernardo, Eric L. Talley and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area, Columbia University - School of Law and University of California, Los Angeles (UCLA)
Downloads 286 (134,499)
Citation 3

Abstract:

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Government Bailout, Moral Hazard, GM, Chrysler, TARP

47.

The (Time-Varying) Importance of Disaster Risk

Financial Analysts Journal, Forthcoming July/August 2016
Number of pages: 32 Posted: 22 Apr 2015 Last Revised: 18 Feb 2016
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 260 (148,215)
Citation 9

Abstract:

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black swans, disasters, catastrophes, dark events, equity premium

48.

Asset Redeployability, Liquidation Value, and Endogenous Capital Structure Heterogeneity

Number of pages: 78 Posted: 08 Jun 2017 Last Revised: 27 Oct 2018
Antonio E. Bernardo, Alex Fabisiak and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area, University of California, Los Angeles (UCLA) - Anderson School of Management and University of California, Los Angeles (UCLA)
Downloads 250 (154,128)

Abstract:

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Debt, Distress, Fire Sales, Redployability, Heterogeneity Endogenous Pricing

49.

Information Cascades and Social Learning

Downloads 215 (178,131)

Information Cascades and Social Learning

Number of pages: 133 Posted: 24 May 2021
Sushil Bikhchandani, David A. Hirshleifer, David A. Hirshleifer, Omer Tamuz and Ivo Welch
University of California, Los Angeles - Anderson School of Management, Marshall School of Business, USCUniversity of California, Irvine - Paul Merage School of Business, California Institute of Technology - Division of the Humanities and Social Sciences and University of California, Los Angeles (UCLA)
Downloads 210 (181,882)

Abstract:

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Information Cascades, Social Learning, Herding, Fads, Fashion, Conformity, Culture

Information Cascades and Social Learning

NBER Working Paper No. w28887
Number of pages: 77 Posted: 07 Jun 2021 Last Revised: 20 Jul 2021
Sushil Bikhchandani, David A. Hirshleifer, David A. Hirshleifer, Omer Tamuz and Ivo Welch
University of California, Los Angeles - Anderson School of Management, Marshall School of Business, USCUniversity of California, Irvine - Paul Merage School of Business, California Institute of Technology - Division of the Humanities and Social Sciences and University of California, Los Angeles (UCLA)
Downloads 5 (787,012)
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Abstract:

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50.

Leverage- and Cash-Based Tests of Risk and Reward with Improved Identification

Number of pages: 59 Posted: 08 Jun 2017 Last Revised: 18 Mar 2018
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 204 (187,019)
Citation 3

Abstract:

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Leverage, Risk, Reward, Quasi Experiments, Behavioral Finance

51.

The Cost of Capital: If Not the CAPM, Then What?

Management and Business Review, Vol. 1, No. 1, Winter 2021
Number of pages: 8 Posted: 02 Sep 2021
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 200 (190,574)

Abstract:

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52.

A Quasi-Experimental Test of the Risk-Reward Paradigm

Downloads 197 (193,125)

A Quasi-Experimental Test of the Risk-Reward Paradigm

Number of pages: 49 Posted: 31 Mar 2016 Last Revised: 06 Jun 2017
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 178 (211,334)

Abstract:

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Financing, Leverage, Capital Structure, Quasi-Experiments, Behavioral Finance

Levered Returns

NBER Working Paper No. w22150
Number of pages: 42 Posted: 11 Apr 2016 Last Revised: 11 Jul 2021
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 19 (669,848)

Abstract:

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53.

Are Interest Rates Really Low?

Downloads 168 (221,980)

Are Interest Rates Really Low?

Number of pages: 38 Posted: 27 Jan 2018 Last Revised: 06 Feb 2018
Daniel R. Feenberg, Clinton Tepper and Ivo Welch
National Bureau of Economic Research (NBER), University of California, Los Angeles (UCLA) - Anderson School of Management and University of California, Los Angeles (UCLA)
Downloads 156 (236,879)

Abstract:

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Taxes, Interest Rates, Yields, Municipal Bonds, Treasuries

Are Interest Rates Really Low?

NBER Working Paper No. w24258
Number of pages: 39 Posted: 29 Jan 2018 Last Revised: 14 Oct 2021
Daniel R. Feenberg, Clinton Tepper and Ivo Welch
National Bureau of Economic Research (NBER), University of California, Los Angeles (UCLA) - Anderson School of Management and University of California, Los Angeles (UCLA)
Downloads 12 (727,238)

Abstract:

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54.

Capital Structure with Endogenous Liquidation Values

Number of pages: 36 Posted: 19 Oct 2014 Last Revised: 03 Oct 2015
Antonio E. Bernardo, Alex Fabisiak and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area, University of California, Los Angeles (UCLA) - Anderson School of Management and University of California, Los Angeles (UCLA)
Downloads 153 (240,113)

Abstract:

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Capital Structure, Liquidation Values, Financial Distress

55.

Designing Corporate Bailouts

Journal of Law and Economics, Vol. 59, No. 1, 2016
Number of pages: 31 Posted: 13 Dec 2013 Last Revised: 02 Jan 2017
Antonio E. Bernardo, Eric L. Talley and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area, Columbia University - School of Law and University of California, Los Angeles (UCLA)
Downloads 142 (255,082)
Citation 3

Abstract:

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Government Bailout, Moral Hazard, TARP, General Motors, Chrysler

56.

Contracting Externalities and Mandatory Menus in the U.S. Corporate Bankruptcy Code

Number of pages: 50 Posted: 22 Dec 2013 Last Revised: 03 Mar 2015
Antonio E. Bernardo, Alan Schwartz and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area, Yale Law School and University of California, Los Angeles (UCLA)
Downloads 123 (284,624)
Citation 3

Abstract:

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Bankruptcy, Opt-Out Choice, Chapter 11

57.

A Comprehensive Look at the Empirical Performance of Equity Premium Prediction II

Number of pages: 62 Posted: 24 Sep 2021 Last Revised: 12 Oct 2021
Amit Goyal, Ivo Welch and Athanasse Zafirov
University of Lausanne, University of California, Los Angeles (UCLA) and affiliation not provided to SSRN
Downloads 121 (291,555)

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equity premium, prediction, out-of-sample, skepticism

58.

Columbus&Apos; Egg: The Real Determinant of Capital Structure

NBER Working Paper No. w8782
Number of pages: 44 Posted: 14 Feb 2002 Last Revised: 02 Jul 2021
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 111 (306,118)

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59.

Optimal Debt Financing and the Pricing of Illiquid Assets

Number of pages: 27 Posted: 15 Mar 2011
Antonio E. Bernardo and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area and University of California, Los Angeles (UCLA)
Downloads 106 (316,060)

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Liquidity, Returns, Volatility, Limits to Arbitrage

60.

The Value of Financial Flexibility: Equilibrium Liquidation Values and Endogenous Capital Structure Heterogeneity

Number of pages: 58 Posted: 12 Dec 2016
Antonio E. Bernardo, Alex Fabisiak and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area, University of California, Los Angeles (UCLA) - Anderson School of Management and University of California, Los Angeles (UCLA)
Downloads 82 (371,798)

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Capital Structure Theory

61.

Financial Market Runs

NBER Working Paper No. w9251
Number of pages: 44 Posted: 04 Oct 2002 Last Revised: 13 Oct 2021
Antonio E. Bernardo and Ivo Welch
University of California, Los Angeles (UCLA) - Finance Area and University of California, Los Angeles (UCLA)
Downloads 55 (458,485)
Citation 1

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62.

The Closed-Form Solution to Bertrand Competition with Exogenous Entry Costs or Participation

Number of pages: 3 Posted: 11 Oct 2017
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 52 (470,035)

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Bertrand

63.

Voluntary Self-Sustaining Reciprocity

Number of pages: 45 Posted: 23 Oct 2019 Last Revised: 24 Oct 2019
Alex Fabisiak and Ivo Welch
University of California, Los Angeles (UCLA) - Anderson School of Management and University of California, Los Angeles (UCLA)
Downloads 19 (648,024)

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Networks, Altruism, Reciprocity, Entry Barriers

64.

Two Common Problems in Capital Structure Research: The Financial-Debt-To-Asset Ratio and Issuing Activity Versus Leverage Changes

International Review of Finance, Vol. 11, No. 1, pp. 1-17, 2011
Number of pages: 17 Posted: 09 Mar 2011
Ivo Welch
University of California, Los Angeles (UCLA)
Downloads 4 (763,148)
Citation 7
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65.

Video: Structural Estimation Drawbacks

Posted: 27 Sep 2012
Ivo Welch
University of California, Los Angeles (UCLA)

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66.

The Results of the Equity Premium January 2009 Survey

Posted: 08 Dec 2009
Ivo Welch
University of California, Los Angeles (UCLA)

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equity premium

67.

Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings

University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship
Posted: 17 Nov 2009
Ivo Welch
University of California, Los Angeles (UCLA)

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Seasoned offerings, Signaling, Underpricing, Valuation, Business conditions, Stock offerings, Information asymmetry, Initial public offerings (IPO)

68.

Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades

Journal of Economic Perspectives, Vol. 12, No. 3, pp. 151-70, Summer 1998
Posted: 01 Dec 2008
Sushil Bikhchandani, David A. Hirshleifer, David A. Hirshleifer and Ivo Welch
University of California, Los Angeles - Anderson School of Management, Marshall School of Business, USCUniversity of California, Irvine - Paul Merage School of Business and University of California, Los Angeles (UCLA)

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69.

A Personal FAQ on the Financial Crisis of 2008

Posted: 29 Oct 2008
Ivo Welch
University of California, Los Angeles (UCLA)

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Financial Crisis 2008

70.

Information Cascades

THE NEW PALGRAVE DICTIONARY OF ECONOMICS, Second Edition, Steven N. Durlauf and Lawrence E. Blume, eds., Palgrave Macmillan/U.K., 2008
Posted: 05 Oct 2008 Last Revised: 29 Sep 2009
Sushil Bikhchandani, David A. Hirshleifer, David A. Hirshleifer and Ivo Welch
University of California, Los Angeles - Anderson School of Management, Marshall School of Business, USCUniversity of California, Irvine - Paul Merage School of Business and University of California, Los Angeles (UCLA)

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71.

Information Cascades; Entry Written for the New Palgrave Dictionary of Economics

Posted: 14 Nov 2005
Sushil Bikhchandani, David A. Hirshleifer, David A. Hirshleifer and Ivo Welch
University of California, Los Angeles - Anderson School of Management, Marshall School of Business, USCUniversity of California, Irvine - Paul Merage School of Business and University of California, Los Angeles (UCLA)

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information cascades, information aggregation, social learning, cultural evolution

72.

The Cross-Sectional Determinants of Corporate Capital Expenditures: A Multinational Comparison

Posted: 16 Jun 2002
Ivo Welch and David Wessels
University of California, Los Angeles (UCLA) and University of Pennsylvania - Finance Department

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73.

Herding Among Security Analysts

Posted: 16 Aug 2001
Ivo Welch
University of California, Los Angeles (UCLA)

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Herding, Imitation, Informational Cascades, Analysts

74.

Why is Bank Debt Senior? A Theory of Priority Among Creditors

Posted: 25 Sep 1999
Ivo Welch
University of California, Los Angeles (UCLA)

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75.

Institutional Memory, Inertia, and Impulsiveness

Posted: 02 Sep 1999
David A. Hirshleifer, David A. Hirshleifer and Ivo Welch
Marshall School of Business, USCUniversity of California, Irvine - Paul Merage School of Business and University of California, Los Angeles (UCLA)

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76.

Legal Liability and Issuer Expenses in Ipos

Posted: 20 Dec 1998
Ivo Welch and Randolph P. Beatty
University of California, Los Angeles (UCLA) and University of Southern California - Leventhal School of Accounting

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77.

Effect of Socially Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott

Posted: 12 Nov 1998
Siew Hong Teoh, Ivo Welch and C. Paul Wazzan
UCLA Anderson School of Management, University of California, Los Angeles (UCLA) and Berkeley Research Group,LLC

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78.

Earnings Management and the Post-Issue Underperformance in Seasoned Equity Offerings

Posted: 10 Oct 1998
Siew Hong Teoh, Ivo Welch and T.J. Wong
UCLA Anderson School of Management, University of California, Los Angeles (UCLA) and University of Sothern California

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79.

G-Iii Apparel Group, Inc.

Posted: 16 Sep 1998
Ivo Welch
University of California, Los Angeles (UCLA)

Abstract:

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80.

Earnings Management and the Post-Issue Underperformance of Seasoned Equity Offerings

Posted: 22 Aug 1998
Siew Hong Teoh, Ivo Welch and T.J. Wong
UCLA Anderson School of Management, University of California, Los Angeles (UCLA) and University of Sothern California

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81.

Rational Herding in Financial Economics

IFA 218-1995
Posted: 09 Jul 1998
Andrea Devenow and Ivo Welch
Movielink and University of California, Los Angeles (UCLA)

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82.

A Theory of Dividends Based on Tax Clienteles

Rodney L. White Center Working Paper No. 15-98
Posted: 25 Jun 1998
Franklin Allen, Antonio E. Bernardo and Ivo Welch
Imperial College London, University of California, Los Angeles (UCLA) - Finance Area and University of California, Los Angeles (UCLA)

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83.

Culture, Information, and Screening Discrimination

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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)

Abstract:

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