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Lauren Cohen Assistant Professor of Finance Harvard
Business School Baker Library 273 Soldiers
Field Boston, MA 02163 Phone: 617.495.3888 Email: lcohen@hbs.edu |
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Attracting Flows
by Attracting Big Clients (with Breno Schmidt), April 2009 Journal of Finance, forthcoming. ·
Winner
of Society of Quantitative Analysts Award, Best Paper
in Quantitative Investments, Western Finance Association 2007 ·
Winner
of Barclays Global Investors Best Paper Prize, Asset Allocation Symposium,
European Finance Association 2006 Supply and Demand
Shifts in the Shorting Market (with
Karl Diether and Christopher Malloy), 2007 Journal of Finance 62, 2061-2096. ·
Winner
of the Smith Breeden Prize, Distinguished Paper, for the best paper published
in the Journal of Finance, 2007 |
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Economic Links and Predictable
Returns (with Andrea Frazzini), 2008 Journal of Finance, 63, 1977-2011. Appendix
containing results on supplier momentum and analyst revisions ·
Winner
of the Smith Breeden Prize, Distinguished Paper, for the best paper published
in the Journal of Finance, 2008 ·
Winner
of Emerald Citation of Excellence Award, 2009 ·
Winner
of First Prize, Chicago Quantitative Alliance Academic Paper Competition,
2006 ·
Winner
of BSI Gamma Foundation Grant, Firm Characteristics and Investment
Management, 2006 The Small World
of Investing: Board Connections and Mutual Fund Returns (with
Andrea Frazzini and Christopher Malloy), 2008 Journal
of Political Economy,
116, 951-979. ·
Winner
of Barclays Global Investors Award, Best Paper in Asset Pricing, European
Finance Association 2007 Loyalty Based
Portfolio Choice, 2009
Review of Financial Studies,
22, 1213-1245. Sell Side School
Ties (with Andrea Frazzini and Christopher Malloy), May 2009 Journal of Finance, forthcoming. |
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Working
Papers |
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Do Powerful
Politicians Cause Corporate Downsizing? (with Joshua Coval and
Christopher Malloy), June 2009 This paper employs
a new empirical approach for identifying the impact of government spending on
the private sector. Our key innovation is to use changes in congressional
committee chairmanship as a source of exogenous variation in state-level
federal expenditures. In doing so, we show that fiscal spending shocks appear
to significantly dampen corporate sector investment and employment activity.
These corporate behaviors follow both Senate and House committee chair
changes, are partially reversed when the congressman resigns, and are most
pronounced among geographically-concentrated firms. The effects are
economically meaningful and the mechanism - entirely distinct from the more
traditional interest rate and tax channels - suggests new considerations in
assessing the impact of government spending on private sector economic
activity. Hiring
Cheerleaders: Board Appointments of "Independent" Directors (with
Andrea Frazzini and Christopher Malloy), July 2009 Using a
unique, hand-collected database of independent directors, we provide evidence
that firms appoint independent directors who are overly sympathetic to
management, while still technically independent according to regulatory
definitions. We explore a subset of
independent directors for whom we have detailed, micro-level data on their
views regarding the firm prior to being appointed to the board: sell-side
analysts who are subsequently appointed to the board of companies they
previously covered. We find that
boards appoint overly optimistic analysts who are also poor relative
performers. The magnitude of the optimistic bias is large: 82.0% of appointed
recommendations are strong-buy/buy recommendations, compared to 56.9% for all
other analyst recommendations. We find that appointed analysts’ optimism is
stronger at precisely those times when firms’ benefits are larger, and that
appointing firms increase earnings management, and perform poorly, following
these board appointments. |
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