Details about Roni Michaely

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Faculty of Business and Economics, University of Hong Kong, (more information at EDIRC)

Access statistics for papers by Roni Michaely.

Last updated 2024-05-09. Update your information in the RePEc Author Service.

Short-id: pmi132

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Working Papers

2022

1. Do Institutional Directors Matter?
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute

2021

2. Does Board Overlap Promote Coordination Between Firms?
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (1)
3. The Effect of Board Overlap on Firm Behavior
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute

2020

4. Artificial Intelligence and High-Skilled Work: Evidence from Analysts
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (9)
5. Cybersecurity Risk
   CESifo Working Paper Series, CESifo
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020)
   Working Papers, Becker Friedman Institute for Research In Economics (2020)
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2020)
6. Do Proprietary Traders Provide Liquidity?
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute
7. On the Fast Track: Information Acquisition Costs and Information Production
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (1)
   See also Journal Article On the fast track: Information acquisition costs and information production, Journal of Financial Economics, Elsevier (2022) View citations (43) (2022)
8. Out of Balance: Do Analysts Issue Sell Recommendations to Manage their Recommendation Distributions?
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute
9. Political Activism and Market Power
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (2)
10. Population Aging and Bank Risk-Taking
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (4)
11. Propagation of Political Information
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute

2019

12. Are U.S. Industries Becoming More Concentrated?
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (79)
    See also Journal Article Are US Industries Becoming More Concentrated?, Review of Finance, European Finance Association (2019) View citations (145) (2019)
13. Consumption Taxes and Corporate Investment
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (24)
    See also Journal Article Consumption Taxes and Corporate Investment, The Review of Financial Studies, Society for Financial Studies (2019) View citations (24) (2019)
14. Cultural Diversity on Wall Street: Evidence from Sell-Side Analysts’ Forecasts
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (1)
15. Do Index Funds Monitor?
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (8)
    See also Journal Article Do Index Funds Monitor?, The Review of Financial Studies, Society for Financial Studies (2022) View citations (20) (2022)
16. FinTechs and the Market for Financial Analysis
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (4)
    See also Journal Article FinTechs and the Market for Financial Analysis, Journal of Financial and Quantitative Analysis, Cambridge University Press (2021) View citations (28) (2021)
17. Information Revelation Through Regulatory Process: Interactions Between the SEC and Companies Ahead of the IPO
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute
18. Lured by the Consensus
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute
19. Owners' Portfolio Diversification and Firm Investment: Theory and Evidence from Private and Public Firms
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (2)
20. Signaling Safety
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2018)
    See also Journal Article Signaling safety, Journal of Financial Economics, Elsevier (2021) View citations (1) (2021)
21. Sticking around Too Long? Dynamics of the Benefits of Dual-Class Voting
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (7)
22. What Do Insiders Know? Evidence from Insider Trading Around Share Repurchases and SEOs
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (7)
    See also Journal Article What do insiders know? Evidence from insider trading around share repurchases and SEOs, Journal of Corporate Finance, Elsevier (2021) View citations (12) (2021)

2017

23. The Information Content of Dividends: Safer Profits, Not Higher Profits
    CESifo Working Paper Series, CESifo View citations (1)

2015

24. The Deleveraging of U.S. Firms and Institutional Investors’ Role
    MPRA Paper, University Library of Munich, Germany View citations (3)

2014

25. Do Dividend Taxes Affect Corporate Investment?
    CESifo Working Paper Series, CESifo
    See also Chapter Do Dividend Taxes Affect Corporate Investment?, NBER Chapters, National Bureau of Economic Research, Inc (2017) View citations (45) (2017)
    Journal Article Do dividend taxes affect corporate investment?, Journal of Public Economics, Elsevier (2017) View citations (33) (2017)

2004

26. On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)
    See also Journal Article On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing, Journal of Finance, American Finance Association (2007) View citations (212) (2007)

2003

27. Payout Policy in the 21st Century
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (114)
    See also Journal Article Payout policy in the 21st century, Journal of Financial Economics, Elsevier (2005) View citations (730) (2005)

2002

28. Payout Policy
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (57)
    See also Chapter Payout policy, Handbook of the Economics of Finance, Elsevier (2003) View citations (95) (2003)
    Journal Article Payout Policy, Annual Review of Financial Economics, Annual Reviews (2014) View citations (8) (2014)

2001

29. Dynamic Volume-Return Relation of Individual Stocks
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
    See also Journal Article Dynamic Volume-Return Relation of Individual Stocks, The Review of Financial Studies, Society for Financial Studies (2002) View citations (307) (2002)

1997

30. Do Changes in Dividends Signal the Future or the Past?
    CRSP working papers, Center for Research in Security Prices, Graduate School of Business, University of Chicago View citations (261)
    Also in CRSP working papers, Center for Research in Security Prices, Graduate School of Business, University of Chicago
    See also Journal Article Do Changes in Dividends Signal the Future or the Past?, Journal of Finance, American Finance Association (1997) View citations (269) (1997)

1994

31. Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    See also Journal Article Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?, Journal of Finance, American Finance Association (1995) View citations (344) (1995)

Undated

32. Dividend Policy (Reprint 050)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (2)

Journal Articles

2024

1. Do Differences in Analyst Quality Matter for Investors Relying on Consensus Information?
   Management Science, 2024, 70, (2), 751-772

2023

2. Does Socially Responsible Investing Change Firm Behavior?*
   Review of Finance, 2023, 27, (6), 2057-2083 View citations (4)

2022

3. Concierge treatment from banks: Evidence from the paycheck protection program
   Journal of Corporate Finance, 2022, 72, (C) View citations (7)
4. Disappearing and reappearing dividends
   Journal of Financial Economics, 2022, 143, (1), 207-226 View citations (16)
5. Do Index Funds Monitor?
   The Review of Financial Studies, 2022, 35, (1), 91-131 View citations (20)
   See also Working Paper Do Index Funds Monitor?, Swiss Finance Institute Research Paper Series (2019) View citations (8) (2019)
6. Does stock market liquidity affect dividends?
   Pacific-Basin Finance Journal, 2022, 74, (C) View citations (2)
7. On the fast track: Information acquisition costs and information production
   Journal of Financial Economics, 2022, 143, (2), 794-823 View citations (43)
   See also Working Paper On the Fast Track: Information Acquisition Costs and Information Production, Swiss Finance Institute Research Paper Series (2020) View citations (1) (2020)

2021

8. FinTechs and the Market for Financial Analysis
   Journal of Financial and Quantitative Analysis, 2021, 56, (6), 1877-1907 View citations (28)
   See also Working Paper FinTechs and the Market for Financial Analysis, Swiss Finance Institute Research Paper Series (2019) View citations (4) (2019)
9. Signaling safety
   Journal of Financial Economics, 2021, 139, (2), 405-427 View citations (1)
   See also Working Paper Signaling Safety, CEPR Discussion Papers (2019) (2019)
10. What do insiders know? Evidence from insider trading around share repurchases and SEOs
    Journal of Corporate Finance, 2021, 66, (C) View citations (12)
    See also Working Paper What Do Insiders Know? Evidence from Insider Trading Around Share Repurchases and SEOs, Swiss Finance Institute Research Paper Series (2019) View citations (7) (2019)

2020

11. Cultural diversity on Wall Street: Evidence from consensus earnings forecasts
    Journal of Accounting and Economics, 2020, 70, (1) View citations (9)
12. Information Revealed through the Regulatory Process: Interactions between the SEC and Companies ahead of Their IPO
    The Review of Financial Studies, 2020, 33, (12), 5510-5554 View citations (14)

2019

13. Are US Industries Becoming More Concentrated?
    Review of Finance, 2019, 23, (4), 697-743 View citations (145)
    See also Working Paper Are U.S. Industries Becoming More Concentrated?, Swiss Finance Institute Research Paper Series (2019) View citations (79) (2019)
14. Consumption Taxes and Corporate Investment
    The Review of Financial Studies, 2019, 32, (8), 3144-3182 View citations (24)
    See also Working Paper Consumption Taxes and Corporate Investment, Swiss Finance Institute Research Paper Series (2019) View citations (24) (2019)
15. Owners’ Portfolio Diversification and Firm Investment
    The Review of Financial Studies, 2019, 32, (12), 4855-4904 View citations (1)

2018

16. Trading in the Presence of Short-Lived Private Information: Evidence from Analyst Recommendation Changes
    Journal of Financial and Quantitative Analysis, 2018, 53, (4), 1509-1546 View citations (14)

2017

17. Do Earnings Estimates Add Value to Sell-Side Analysts’ Investment Recommendations?
    Management Science, 2017, 63, (6), 1855-1871 View citations (12)
18. Do dividend taxes affect corporate investment?
    Journal of Public Economics, 2017, 151, (C), 74-83 View citations (33)
    See also Chapter Do Dividend Taxes Affect Corporate Investment?, NBER Chapters, 2017 (2017) View citations (45) (2017)
    Working Paper Do Dividend Taxes Affect Corporate Investment?, CESifo Working Paper Series (2014) (2014)
19. Does the Scope of the Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy, and Information Content of Analyst Reports
    Journal of Finance, 2017, 72, (3), 1285-1334 View citations (58)
20. Product Market Competition and Internal Governance: Evidence from the Sarbanes–Oxley Act
    Management Science, 2017, 63, (5), 1405-1424 View citations (29)
21. Taxation and Dividend Policy: The Muting Effect of Agency Issues and Shareholder Conflicts
    The Review of Financial Studies, 2017, 30, (9), 3176-3222 View citations (25)

2016

22. Are Friday announcements special? Overcoming selection bias
    Journal of Financial Economics, 2016, 122, (1), 65-85 View citations (27)
23. Further evidence on the strategic timing of earnings news: Joint analysis of weekdays and times of day
    Journal of Accounting and Economics, 2016, 62, (1), 24-45 View citations (30)

2014

24. Corporate Governance and the Timing of Earnings Announcements
    Review of Finance, 2014, 18, (6), 2003-2044 View citations (26)
25. Payout Policy
    Annual Review of Financial Economics, 2014, 6, (1), 75-134 View citations (8)
    See also Chapter Payout policy, Handbook of the Economics of Finance, 2003, 1, Part 1, 337-429 (2003) View citations (95) (2003)
    Working Paper Payout Policy, Center for Financial Institutions Working Papers (2002) View citations (57) (2002)

2012

26. Corporate Dividend Policies: Lessons from Private Firms
    The Review of Financial Studies, 2012, 25, (3), 711-746 View citations (155)

2011

27. Determinants of Dividend Smoothing: Empirical Evidence
    The Review of Financial Studies, 2011, 24, (10), 3197-3249 View citations (159)

2009

28. Evidence on the Trade‐Off between Risk and Return for IPO and SEO Firms
    Financial Management, 2009, 38, (2), 221-252 View citations (4)
29. The Nominal Share Price Puzzle
    Journal of Economic Perspectives, 2009, 23, (2), 121-42 View citations (44)

2008

30. Managerial Response to the May 2003 Dividend Tax Cut
    Financial Management, 2008, 37, (4), 611-624 View citations (43)
31. The Effect of the May 2003 Dividend Tax Cut on Corporate Dividend Policy: Empirical and Survey Evidence
    National Tax Journal, 2008, 61, (3), 381-96 View citations (4)

2007

32. On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing
    Journal of Finance, 2007, 62, (2), 877-915 View citations (212)
    See also Working Paper On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing, NBER Working Papers (2004) View citations (15) (2004)

2005

33. Dividend Changes Do Not Signal Changes in Future Profitability
    The Journal of Business, 2005, 78, (5), 1659-1682 View citations (93)
34. Institutional Holdings and Payout Policy
    Journal of Finance, 2005, 60, (3), 1389-1426 View citations (223)
35. Payout policy in the 21st century
    Journal of Financial Economics, 2005, 77, (3), 483-527 View citations (730)
    See also Working Paper Payout Policy in the 21st Century, NBER Working Papers (2003) View citations (114) (2003)
36. Using Expectations to Test Asset Pricing Models
    Financial Management, 2005, 34, (3) View citations (63)

2004

37. Risk or Mispricing? From the Mouths of Professionals
    Financial Management, 2004, 33, (3) View citations (9)

2003

38. Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex‐Dividend Pricing before and after Decimalization
    Journal of Finance, 2003, 58, (6), 2611-2636 View citations (62)

2002

39. Are Dividend Changes a Sign of Firm Maturity?
    The Journal of Business, 2002, 75, (3), 387-424 View citations (310)
40. Dividends, Share Repurchases, and the Substitution Hypothesis
    Journal of Finance, 2002, 57, (4), 1649-1684 View citations (432)
41. Dynamic Volume-Return Relation of Individual Stocks
    The Review of Financial Studies, 2002, 15, (4), 1005-1047 View citations (307)
    See also Working Paper Dynamic Volume-Return Relation of Individual Stocks, NBER Working Papers (2001) View citations (17) (2001)
42. The Making of a Dealer Market: From Entry to Equilibrium in the Trading of Nasdaq Stocks
    Journal of Finance, 2002, 57, (5), 2289-2316 View citations (39)

2000

43. Dividends and Taxes: A Re-Examination
    Financial Management, 2000, 29, (2) View citations (15)
44. Prices, Liquidity, and the Information Content of Trades
    The Review of Financial Studies, 2000, 13, (3), 659-96 View citations (46)
45. The Accuracy of Trade Classification Rules: Evidence from Nasdaq
    Journal of Financial and Quantitative Analysis, 2000, 35, (4), 529-551 View citations (183)
46. When the Underwriter Is the Market Maker: An Examination of Trading in the IPO Aftermarket
    Journal of Finance, 2000, 55, (3), 1039-1074 View citations (174)

1999

47. Conflict of Interest and the Credibility of Underwriter Analyst Recommendations
    The Review of Financial Studies, 1999, 12, (4), 653-86 View citations (467)

1997

48. Capital Adequacy, Bank Mergers, and the Medium of Payment
    Journal of Business Finance & Accounting, 1997, 24, (1), 97-124 View citations (6)
49. Do Changes in Dividends Signal the Future or the Past?
    Journal of Finance, 1997, 52, (3), 1007-34 View citations (269)
    See also Working Paper Do Changes in Dividends Signal the Future or the Past?, CRSP working papers (1997) View citations (261) (1997)
50. Do Investors Ignore Dividend Taxation? A Reexamination of the Citizens Utilities Case
    Journal of Financial and Quantitative Analysis, 1997, 32, (1), 117-135 View citations (12)
51. Fiscalità e mercato azionario: come interpretare lo stacco dei dividendi dei titoli italiani?
    Politica economica, 1997, (1), 117-152

1996

52. A Model of Trading Volume with Tax-Induced Heterogeneous Valuation and Transaction Costs
    Journal of Financial Intermediation, 1996, 5, (4), 340-371 View citations (21)
53. Trading Volume with Private Valuation: Evidence from the Ex-dividend Day
    The Review of Financial Studies, 1996, 9, (2), 471-509 View citations (73)

1995

54. Does the Choice of Auditor Convey Quality in an Initial Public Offering?
    Financial Management, 1995, 24, (4) View citations (67)
55. Investors' Heterogeneity, Prices, and Volume around the Ex-Dividend Day
    Journal of Financial and Quantitative Analysis, 1995, 30, (2), 171-198 View citations (71)
56. Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?
    Journal of Finance, 1995, 50, (2), 573-608 View citations (344)
    See also Working Paper Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?, NBER Working Papers (1994) View citations (4) (1994)
57. The Choice of Going Public: Spin-offs vs. Carve-outs
    Financial Management, 1995, 24, (3) View citations (17)
58. The Effect of Tax Heterogeneity on Prices and Volume around the Ex-dividend Day: Evidence from the Milan Stock Exchange
    The Review of Financial Studies, 1995, 8, (2), 369-99 View citations (34)

1994

59. The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories
    The Review of Financial Studies, 1994, 7, (2), 279-319 View citations (248)

1991

60. Ex-dividend Day Stock Price Behavior: The Case of the 1986 Tax Reform Act
    Journal of Finance, 1991, 46, (3), 845-59 View citations (63)

1990

61. The Structure of Spot Rates and Immunization
    Journal of Finance, 1990, 45, (2), 629-42 View citations (24)

1988

62. Information Quality and Market Efficiency
    Journal of Financial and Quantitative Analysis, 1988, 23, (1), 53-70 View citations (41)

Chapters

2017

1. Do Dividend Taxes Affect Corporate Investment?
   A chapter in Personal Income Taxation and Household Behavior (TAPES), 2017 View citations (45)
   See also Working Paper Do Dividend Taxes Affect Corporate Investment?, CESifo (2014) (2014)
   Journal Article Do dividend taxes affect corporate investment?, Elsevier (2017) View citations (33) (2017)

2003

2. Payout policy
   Chapter 07 in Handbook of the Economics of Finance, 2003, vol. 1, Part 1, pp 337-429 View citations (95)
   See also Journal Article Payout Policy, Annual Reviews (2014) View citations (8) (2014)
   Working Paper Payout Policy, Wharton School Center for Financial Institutions, University of Pennsylvania (2002) View citations (57) (2002)