Details about Ivo Welch

E-mail:
Homepage:	http://www.ivo-welch.info
Workplace:	Finance Group, Anderson Graduate School of Management, University of California-Los Angeles (UCLA), (more information at EDIRC) Anderson Graduate School of Management, University of California-Los Angeles (UCLA), (more information at EDIRC)

Access statistics for papers by Ivo Welch.

Last updated 2022-08-09. Update your information in the RePEc Author Service.

Short-id: pwe95

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Working Papers

2021

1. A Comprehensive Look at the Empirical Performance of Equity Premium Prediction II
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (4)
   Also in Yale School of Management Working Papers, Yale School of Management (2006)
   NBER Working Papers, National Bureau of Economic Research, Inc (2004) View citations (52)
   See also Journal Article in Review of Financial Studies (2008)
2. Information Cascades and Social Learning
   Papers, arXiv.org View citations (5)
   Also in MPRA Paper, University Library of Munich, Germany (2021) View citations (4)
   NBER Working Papers, National Bureau of Economic Research, Inc (2021) View citations (4)

2020

3. The Wisdom of the Robinhood Crowd
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
   See also Journal Article in Journal of Finance (2022)

2019

4. Simpler Better Market Betas
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
   See also Journal Article in Critical Finance Review (2022)

2018

5. Are Interest Rates Really Low?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)

2016

6. Levered Returns
   NBER Working Papers, National Bureau of Economic Research, Inc

2011

7. A Model of Optimal Government Bailouts
   Berkeley Olin Program in Law & Economics, Working Paper Series, Berkeley Olin Program in Law & Economics View citations (1)

2010

8. A theory of Fads, Fashion, Custom and cultural change as informational Cascades
   Levine's Working Paper Archive, David K. Levine View citations (110)
   See also Journal Article in Journal of Political Economy (1992)

2009

9. An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness
   Yale School of Management Working Papers, Yale School of Management
   Also in Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University (2001) View citations (4)
   Yale School of Management Working Papers, Yale School of Management (2009) View citations (1)
   See also Journal Article in Journal of Economics & Management Strategy (2002)
10. The Costs of Bankruptcy
    Yale School of Management Working Papers, Yale School of Management

2006

11. Portfolio Performance Manipulation and Manipulation-Proof Performance Measures
    Yale School of Management Working Papers, Yale School of Management
    See also Journal Article in Review of Financial Studies (2007)

2005

12. Information Cascades and Observational Learning
    Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics View citations (1)

2004

13. A Note On 'Predicting Returns With Financial Ratios'
    Yale School of Management Working Papers, Yale School of Management
14. Investor Sentiment Measures
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (56)
15. The Optimal Concentration of Creditors
    Yale School of Management Working Papers, Yale School of Management View citations (1)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2001) View citations (2)
    Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University (2002) View citations (3)
    Yale School of Management Working Papers, Yale School of Management (2004)
    See also Journal Article in Journal of Finance (2005)
16. Who Should Pay for Bankruptcy Costs?
    Yale School of Management Working Papers, Yale School of Management
    Also in Yale School of Management Working Papers, Yale School of Management (2004) View citations (3)
    See also Journal Article in The Journal of Legal Studies (2005)

2003

17. Capital Structure and Stock Returns
    Yale School of Management Working Papers, Yale School of Management View citations (1)
    Also in Yale School of Management Working Papers, Yale School of Management (2003)
    See also Journal Article in Journal of Political Economy (2004)
18. Liquidity and Financial Market Runs
    Yale School of Management Working Papers, Yale School of Management
    Also in Yale School of Management Working Papers, Yale School of Management (2003) View citations (2)
    See also Journal Article in The Quarterly Journal of Economics (2004)
19. On the Evolution of Overconfidence and Entrepreneurs
    Yale School of Management Working Papers, Yale School of Management
    Also in University of California at Los Angeles, Anderson Graduate School of Management, Anderson Graduate School of Management, UCLA (1997) View citations (2)
    Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University (2001) View citations (198)
    Yale School of Management Working Papers, Yale School of Management (2003) View citations (34)
    See also Journal Article in Journal of Economics & Management Strategy (2001)

2002

20. A Review of IPO Activity, Pricing and Allocations
    Yale School of Management Working Papers, Yale School of Management View citations (636)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2002) View citations (639)
    Yale School of Management Working Papers, Yale School of Management (2002) View citations (17)
    See also Journal Article in Journal of Finance (2002)
21. Columbus' Egg: The Real Determinant of Capital Structure
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
22. Financial Market Runs
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    Also in University of California at Los Angeles, Anderson Graduate School of Management, Anderson Graduate School of Management, UCLA (2002) View citations (4)
23. Predicting the Equity Premium With Dividend Ratios
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (64)
    Also in Yale School of Management Working Papers, Yale School of Management (2002) View citations (1)
    See also Journal Article in Management Science (2003)
24. Sharpening Sharpe Ratios
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (48)
    Also in Yale School of Management Working Papers, Yale School of Management (2002) View citations (43)
    Yale School of Management Working Papers, Yale School of Management (2002) View citations (43)
25. The Top Achievements, Challenges, and Failures of Finance
    Yale School of Management Working Papers, Yale School of Management
    Also in Yale School of Management Working Papers, Yale School of Management (2002)

2001

26. The Equity Premium Consensus Forecast Revisited
    Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University View citations (34)

2000

27. Views of Financial Economists on the Equity Premium and on Professional Controversies
    Yale School of Management Working Papers, Yale School of Management View citations (97)
    See also Journal Article in The Journal of Business (2000)

1999

28. A Theory of Legal Presumptions
    Yale School of Management Working Papers, Yale School of Management View citations (4)
    See also Journal Article in The Journal of Law, Economics, and Organization (2000)

1998

29. A Theory of Dividends Based on Tax Clienteles
    Yale School of Management Working Papers, Yale School of Management View citations (4)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (16)
    See also Journal Article in Journal of Finance (2000)
30. Asymmetry and Power: Can Ethnic Dominance Minimize Conflict?
    University of California at Los Angeles, Anderson Graduate School of Management, Anderson Graduate School of Management, UCLA View citations (2)

1996

31. The Effect Of Socially Activist Investment Policies On The Financial Markets: Evidence From The South African Boycott
    Yale School of Management Working Papers, Yale School of Management
    Also in Finance, University of California at Los Angeles (1995)
    See also Journal Article in The Journal of Business (1999)

1995

32. Earnings Management and The Post-Issue Underperformance in Seasoned Equity Offerings
    Finance, University of California at Los Angeles View citations (18)
33. Why is Bankdebt Senior? A Theory of Priority Among Creditors
    Finance, University of California at Los Angeles View citations (1)

1994

34. The Cross-sectional Determinants of Corporate Capital Expenditures: A Multinational Comparison
    Finance, University of California at Los Angeles View citations (1)
    See also Journal Article in Schmalenbach Business Review (sbr) (2000)

1990

35. BONDHOLDER LOSSES IN LEVERAGED BUYOUTS
    Working Papers, Columbia - Graduate School of Business View citations (3)
    See also Journal Article in Review of Financial Studies (1993)

Undated

36. Institutional Memory, Inertia and Impulsiveness
    Finance, University of California at Los Angeles

Journal Articles

2022

1. Simply Better Market Betas
   Critical Finance Review, 2022, 11, (1), 37-64
   See also Working Paper (2019)
2. The Wisdom of the Robinhood Crowd
   Journal of Finance, 2022, 77, (3), 1489-1527 View citations (5)
   See also Working Paper (2020)

2020

3. Asset Redeployability, Liquidation Value, and Endogenous Capital Structure Heterogeneity
   Journal of Financial and Quantitative Analysis, 2020, 55, (5), 1619-1656 View citations (2)
4. Symmetric and Asymmetric Market Betas and Downside Risk
   (Downside risk)
   Review of Financial Studies, 2020, 33, (6), 2772-2795 View citations (3)

2019

5. Editorial: An Opinionated FAQ
   Critical Finance Review, 2019, 8, (1-2), 19-24
6. Introduction
   Critical Finance Review, 2019, 8, (1-2), 25-28
7. Reproducing, Extending, Updating, Replicating, Reexamining, and Reconciling
   Critical Finance Review, 2019, 8, (1-2), 301-304 View citations (3)

2017

8. Best Practice for Cost-of-Capital Estimates
   Journal of Financial and Quantitative Analysis, 2017, 52, (2), 427-463 View citations (16)
9. Do Powerful Politicians Really Cause Corporate Downsizing?
   Journal of Political Economy, 2017, 125, (6), 2225 - 2231 View citations (5)
10. Extended Stock Returns in Response to S&P 500 Index Changes
    The Review of Asset Pricing Studies, 2017, 7, (2), 172-208 View citations (7)

2016

11. Contracting Externalities and Mandatory Menus in the US Corporate Bankruptcy Code
    The Journal of Law, Economics, and Organization, 2016, 32, (2), 395-432 View citations (1)
12. Designing Corporate Bailouts
    Journal of Law and Economics, 2016, 59, (1), 75 - 104
13. Plausibility: A Fair & Balanced View of 30 Years of Progress in Ecologics
    Foundations and Trends(R) in Accounting, 2016, 10, (2-4), 376-412 View citations (1)

2015

14. Estimation of heterogeneous autoregressive parameters with short panel data
    Journal of Econometrics, 2015, 188, (1), 219-235 View citations (6)

2014

15. Referee Recommendations
    Review of Financial Studies, 2014, 27, (9), 2773-2804 View citations (10)

2013

16. A Critique of Recent Quantitative and Deep-Structure Modeling in Capital Structure Research and Beyond
    Critical Finance Review, 2013, 2, (1), 131-172 View citations (9)
17. A Model of Operational Slack: The Short-Run, Medium-Run, and Long-Run Consequences of Limited Attention Capacity
    The Journal of Law, Economics, and Organization, 2013, 29, (1), 2-34
18. Leverage and preemptive selling of financial institutions
    Journal of Financial Intermediation, 2013, 22, (2), 123-151 View citations (5)

2011

19. Two Common Problems in Capital Structure Research: The Financial‐Debt‐To‐Asset Ratio and Issuing Activity Versus Leverage Changes
    International Review of Finance, 2011, 11, (1), 1-17 View citations (76)

2008

20. A Comprehensive Look at The Empirical Performance of Equity Premium Prediction
    Review of Financial Studies, 2008, 21, (4), 1455-1508 View citations (1431)
    See also Working Paper (2021)

2007

21. Portfolio Performance Manipulation and Manipulation-proof Performance Measures
    Review of Financial Studies, 2007, 20, (5), 1503-1546 View citations (201)
    See also Working Paper (2006)

2006

22. The Costs of Bankruptcy: Chapter 7 Liquidation versus Chapter 11 Reorganization
    Journal of Finance, 2006, 61, (3), 1253-1303 View citations (210)

2005

23. The Optimal Concentration of Creditors
    Journal of Finance, 2005, 60, (5), 2193-2212 View citations (59)
    See also Working Paper (2004)
24. Who Should Pay for Bankruptcy Costs?
    The Journal of Legal Studies, 2005, 34, (2), 295-341 View citations (7)
    See also Working Paper (2004)

2004

25. Capital Structure and Stock Returns
    Journal of Political Economy, 2004, 112, (1), 106-131 View citations (347)
    See also Working Paper (2003)
26. Liquidity and Financial Market Runs
    The Quarterly Journal of Economics, 2004, 119, (1), 135-158 View citations (100)
    See also Working Paper (2003)

2003

27. Predicting the Equity Premium with Dividend Ratios
    Management Science, 2003, 49, (5), 639-654 View citations (324)
    See also Working Paper (2002)

2002

28. A Review of IPO Activity, Pricing, and Allocations
    Journal of Finance, 2002, 57, (4), 1795-1828 View citations (623)
    See also Working Paper (2002)
29. An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness
    Journal of Economics & Management Strategy, 2002, 11, (3), 379-421 View citations (40)
    See also Working Paper (2009)

2001

30. On the Evolution of Overconfidence and Entrepreneurs
    Journal of Economics & Management Strategy, 2001, 10, (3), 301-330 View citations (200)
    See also Working Paper (2003)

2000

31. A Theory of Dividends Based on Tax Clienteles
    Journal of Finance, 2000, 55, (6), 2499-2536 View citations (263)
    See also Working Paper (1998)
32. A Theory of Legal Presumptions
    The Journal of Law, Economics, and Organization, 2000, 16, (1), 1-49 View citations (72)
    See also Working Paper (1999)
33. Herding among security analysts
    Journal of Financial Economics, 2000, 58, (3), 369-396 View citations (232)
34. The Cross-Sectional Determinants Of Corporate Capital Expenditures: A Multinational Comparison
    Schmalenbach Business Review (sbr), 2000, 52, (2), 103-136 View citations (3)
    See also Working Paper (1994)
35. Views of Financial Economists on the Equity Premium and on Professional Controversies
    The Journal of Business, 2000, 73, (4), 501-37 View citations (103)
    See also Working Paper (2000)

1999

36. The Effect of Socially Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott
    The Journal of Business, 1999, 72, (1), 35-89 View citations (108)
    See also Working Paper (1996)

1998

37. Earnings management and the underperformance of seasoned equity offerings
    Journal of Financial Economics, 1998, 50, (1), 63-99 View citations (430)
38. Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades
    Journal of Economic Perspectives, 1998, 12, (3), 151-170 View citations (560)

1997

39. How Firms Make Capital Expenditure Decisions: Financial Signals, Internal Cash Flows, Income Taxes and the Tax Reform Act of 1986
    Review of Quantitative Finance and Accounting, 1997, 9, (3), 227-50 View citations (3)
40. Why Is Bank Debt Senior? A Theory of Asymmetry and Claim Priority Based on Influence Costs
    Review of Financial Studies, 1997, 10, (4), 1203-36 View citations (78)

1996

41. Culture, Information, and Screening Discrimination
    Journal of Political Economy, 1996, 104, (3), 542-71 View citations (164)
42. Equity offerings following the IPO theory and evidence
    Journal of Corporate Finance, 1996, 2, (3), 227-259 View citations (20)
43. Issuer Expenses and Legal Liability in Initial Public Offerings
    Journal of Law and Economics, 1996, 39, (2), 545-602 View citations (146)
44. Rational herding in financial economics
    European Economic Review, 1996, 40, (3-5), 603-615 View citations (343)

1995

45. Corporate research & development investments international comparisons
    Journal of Accounting and Economics, 1995, 19, (2-3), 443-470 View citations (150)

1993

46. An empirical investigation of IPO returns and subsequent equity offerings
    Journal of Financial Economics, 1993, 34, (2), 153-175 View citations (106)
47. Bondholder Losses in Leveraged Buyouts
    Review of Financial Studies, 1993, 6, (4), 959-82 View citations (96)
    See also Working Paper (1990)

1992

48. A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades
    Journal of Political Economy, 1992, 100, (5), 992-1026 View citations (1975)
    See also Working Paper (2010)
49. Sequential Sales, Learning, and Cascades
    Journal of Finance, 1992, 47, (2), 695-732 View citations (374)

1991

50. An Empirical Examination of Models of Contract Choice in Initial Public Offerings
    Journal of Financial and Quantitative Analysis, 1991, 26, (4), 497-518 View citations (9)

Editor

1. German Economic Review
   Verein für Socialpolitik