@article {1971126, title = {Analyst Information Acquisition via EDGAR}, journal = {Management Science}, year = {2020}, month = {2020}, address = {INFORMS}, abstract = {We identify analysts{\textquoteright} information acquisition patterns by linking EDGAR (Electronic Data Gathering, Analysis, and Retrieval) server activity to analysts{\textquoteright} brokerage houses. Analysts rely on EDGAR in 24\% of their estimate updates with an average of eight filings viewed. We document that analysts{\textquoteright} attention to public information is driven by the demand for information and the analysts{\textquoteright} incentives and career concerns. We find that information acquisition via EDGAR is associated with a significant reduction in analysts{\textquoteright} forecasting error relative to their peers. This relationship is likewise present when we focus on the intensity of analyst research. Attention to public information further enables analysts to provide forecasts for more time periods and more financial metrics. Informed recommendation updates are associated with substantial and persistent abnormal returns, even when the analyst accesses historical filings. Analysts{\textquoteright} use of EDGAR is associated with longer and more informative analysis within recommendation reports.}, keywords = {Finance}, author = {Gibbons,Brian and Iliev,Peter and Kalodimos,Jonathan} } @article {1972116, title = {Experimental Shareholder Activism: A Novel Approach to Organizational Research}, journal = {Journal of Vocational Behavior}, volume = {120}, year = {2020}, month = {2020}, abstract = {Decision making processes and consequent policy decisions of top management teams often have tremendous impact on employee careers and wellbeing, but the difficulty of accessing executive decision making has made studying such processes especially difficult. Whereas scholars have often relied on their own professional networks to gather small samples of executives or leveraged proxy measures compiled from publicly-available documents, we propose and demonstrate an alternative approach which we term Experimental Shareholder Activism (ESA). ESA allows researchers to directly study executive leadership via the shareholder proposal process{\textemdash}under Rule 14a-8{\textemdash}by purchasing relatively small amounts of stock in a company, and experimentally manipulating features of shareholder proposals to elicit responses from key stakeholders within the company. This approach allows for the direct examination of executive decision making with the benefit of quasi-experimental design. We describe the method, identify vocational and career-relevant areas of inquiry best suited to ESA, and discuss manipulations readily embedded in shareholder proposals. We then provide a toolkit for scholars interested in studying executive decision making on employee career and Human Resource-related outcomes, and demonstrate the viability of such an approach via a pilot experiment.}, keywords = {Finance, Management}, author = {Kalodimos,Jonathan and Leavitt,Keith} } @article {1972121, title = {Governance Changes through Shareholder Initiatives: The Case of Proxy Access}, journal = {Journal of Financial and Quantitative Analysis}, year = {2020}, month = {2020}, abstract = {We study a regulatory change that led to over 300 shareholder proposals to instate proxy access and more than 250 firms adopting proxy access from 2012 to 2016. The firms expected to benefit most from proxy access have the most positive market reaction to receiving a proposal, but adoptions are not concentrated at these firms. We find that proposing and voting shareholders do not discriminate between firms that would or would not benefit, and that management resists proxy access at the firms that stand to benefit most. This process results in the concentration of adoptions at large, already well-governed firms.}, keywords = {Finance}, author = {Bhandari,Tara and Iliev,Peter and Kalodimos,Jonathan} } @article {1972126, title = {Many analysts, one dataset: Making transparent how variations in analytical choices affect results}, journal = {Advances in Methods and Practices in Psychological Science}, year = {2018}, month = {2018}, keywords = {Finance}, author = {Silberzahn,R and Uhlmann,E and Martin,D and Anselmi,P and Aust,F and Awtrey,E and Bahn{\'\i}k,S and Bai,F and Bannard,C and Bonnier,E and Carlsson,R and Cheung,F and Christensen,G and Clay,R and Craig,M and Rosa,A and Dam,L and Evans,M and Cervantes,I and Fong,N and Gamez-Djokic,M and Glenz,A and Gordon-McKeon,S and Heaton,T and Eriksson,K and Heene,M and Mohr,A and H{\"o}gden,F and Hui,K and Johannesson,M and Kalodimos,Jonathan and Kaszubowski,E and Kennedy,D and Lei,R and Lindsay,T and Liverani,S and Madan,C and Molden,D and Molleman,E and Morey,R and Mulder,L and Nijstad,B and Pope,B and Pope,N and Prenoveau,J and Rink,F and Robusto,E and Roderique,H and Sandberg,A and Schlueter,E and Sch{\"o}nbrodt,F and Sherman,M and Sommer,S and Sotak,K and Spain,S and Sp{\"o}rlein,C and Stafford,T and Stefanutti,L and T{\"a}uber,S and Ullrich,J and Vianello,M and Wagenmakers,E and Witkowiak,M and Yoon,S and Nosek,B} } @booklet {1972131, title = {Disruption in Health Care Markets}, year = {2017}, month = {2017}, keywords = {Finance}, url = {https://businessradio.wharton.upenn.edu/programs/the-business-of-health-care}, author = {Kalodimos,Jonathan} } @article {1972141, title = {Internal Governance and Performance: Evidence From When External Discipline is Weak}, journal = {Journal of Corporate Finance}, volume = {43}, year = {2017}, month = {2017}, pages = {193-216}, abstract = {The effect of internal governance on performance is potentially economically significant but may be difficult to identify because of confounding external disciplinary mechanisms and the endogenous choice of internal governance. This study addresses those difficulties by using nonprofit hospitals as an economic environment with muted external disciplinary mechanisms and instrumenting for internal governance using governance spillovers of geographically local public firms. Using patient heart attack survival as a measure of performance, a one standard deviation increase in strength of internal governance reduces the probability of death by 0.89 percentage points after controlling for patient characteristics.}, keywords = {Finance}, url = {http://www.sciencedirect.com/science/article/pii/S0929119917300196}, author = {Kalodimos,Jonathan} } @booklet {1972146, title = {Progress in Understanding Proxy Access and the Shareholder Proposal Process}, year = {2017}, month = {2017}, keywords = {Finance}, url = {https://corpgov.law.harvard.edu/2017/01/03/progress-in-understanding-proxy-access-and-the-shareholder-proposal-process/}, author = {Kalodimos,Jonathan and Bhandari,Tara and Iliev,Peter} } @article {1972151, title = {Shareholder Rights in Mergers and Acquisitions: Are Appraisal Rights Being Abused?}, journal = {Finance Research Letters}, year = {2017}, month = {2017}, abstract = {Appraisal rights grant dissenting shareholders in an acquisition the right to petition the court to determine the value of their shares. These rights can protect shareholders from acquisitions below fundamental value or can be abused by opportunistic investors. We examine the use of appraisal rights and find the evidence is most consistent with appraisal rights functioning as recourse when the target firm is sold below fundamental value.}, keywords = {Finance}, author = {Kalodimos,Jonathan and Lundberg,Clark} } @booklet {1972136, title = {A Gadfly{\textquoteright}s Perspective}, year = {2016}, month = {2016}, keywords = {Finance}, url = {https://corpgov.law.harvard.edu/2016/09/21/a-gadflys-perspective/}, author = {Kalodimos,Jonathan} } @booklet {1972156, title = {Proposals Meant to Spark Nuanced Conversation about Stock Buybacks}, year = {2016}, month = {2016}, keywords = {Finance}, author = {Kalodimos,Jonathan} } @article {1979421, title = {Public versus Private Provision of Governance: The Case of Proxy Access}, year = {2016}, month = {2016}, address = {Toronto, Ontario}, keywords = {Finance}, author = {Kalodimos,Jonathan} } @article {1979426, title = {Internal Governance and Performance: Evidence From When External Discipline is Weak}, year = {2015}, month = {2015}, address = {San Diego State University}, keywords = {Finance}, author = {Kalodimos,Jonathan} } @booklet {1972161, title = {Public versus Private Provision of Governance: The Case of Proxy Access}, year = {2015}, month = {2015}, keywords = {Finance}, url = {http://clsbluesky.law.columbia.edu/2015/10/01/public-versus-private-provision-of-governance-the-case-of-proxy-access/}, author = {Kalodimos,Jonathan and Iliev,Peter and Bhandari,Tara} } @article {1972166, title = {Daily Data is Bad for Beta: Opacity and Frequency-Dependent Betas}, journal = {Review of Asset Pricing Studies}, year = {2014}, month = {2014}, keywords = {Finance}, author = {Kalodimos,Jonathan and Gilbert,T. and Hrdlicka,C. and Siegel,S.} } @article {1979431, title = {How Important is Governance? Evidence from Heart Attack Survival}, year = {2014}, month = {2014}, address = {Dallas, TX}, keywords = {Finance}, author = {Kalodimos,Jonathan} }