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Kempf, Elisabeth Remove Kempf, Elisabeth →

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  • June 2023
  • Supplement

Optimalen Capital Spreadsheet Supplement
By: Malcolm Baker, Elisabeth Kempf and Jonathan Wallen
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  • June 2023
  • Case

Optimalen Capital
By: Malcolm Baker, Elisabeth Kempf and Jonathan Wallen
A new client portfolio manager at a quantitative investment management firm must explain why her firm, Optimalen Capital, has rebalanced a client portfolio with a set of trades that seem unintuitive. In particular, Optimalen has added to its position of Walmart (ticker...  View Details
Keywords: Investments; CAPM; Capital Asset Pricing Model
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  • May 2023
  • Article

Political Ideology and International Capital Allocation
By: Elisabeth Kempf, Mancy Luo, Larissa Schäfer and Margarita Tsoutsoura
Does investors' political ideology shape international capital allocation? We provide evidence from two settings—syndicated corporate loans and equity mutual funds—to show ideological alignment with foreign governments affects the cross-border capital allocation by...  View Details
Keywords: Capital Flows; Syndicated Loans; Mutual Funds; Partisanship; Polarization; Elections; Political Ideology; Banks and Banking; Institutional Investing; Behavioral Finance; Decision Choices and Conditions
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  • March 2023
  • Article

Attracting the Sharks: Corporate Innovation and Securities Class Action Lawsuits
By: Elisabeth Kempf and Oliver Spalt
This paper provides novel evidence suggesting that securities class action lawsuits, a central pillar of the U.S. litigation and corporate governance system, can constitute an obstacle to valuable corporate innovation. We first establish that valuable innovation output...  View Details
Keywords: Class-action Litigation; Turnover; Lawsuits and Litigation; Innovation and Invention; Risk and Uncertainty
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  • 2022
  • Working Paper

The Political Polarization of Corporate America
By: Vyacheslav Fos, Elisabeth Kempf and Margarita Tsoutsoura
Executive teams in U.S. firms are becoming increasingly partisan. We establish this new fact using political affiliations from voter registration records for top executives of S&P 1500 firms between 2008 and 2020. The new fact is explained by both an increasing share...  View Details
Keywords: Political Polarization; Partisanship; Executives; Government and Politics; Business and Shareholder Relations; United States
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  • December 2021
  • Article

Partisan Professionals: Evidence from Credit Rating Analysts
By: Elisabeth Kempf and Margarita Tsoutsoura
Partisan perception affects the actions of professionals in the financial sector. Using a novel dataset linking credit rating analysts to party affiliations from voter records, we show that analysts who are not affiliated with the U.S. president’s party downward-adjust...  View Details
Keywords: Political Affiliation; Credit Rating Agencies; Political Partisanship; Political Elections; Perception; Credit
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  • May 2021
  • Article

Fifty Shades of QE: Comparing Findings of Central Bankers and Academics
By: Brian Fabo, Marina Jančoková, Elisabeth Kempf and Ľuboš Pástor
We compare the findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers find QE to be more effective than academic papers do. Central bank papers report larger effects...  View Details
Keywords: Quantitative Easing; Career Concerns; Economic Research; Central Banking; Macroeconomics; Economic Growth
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  • January 2020
  • Article

The Job Rating Game: Revolving Doors and Analyst Incentives
By: Elisabeth Kempf
Investment banks frequently hire analysts from rating agencies. While many argue that this "revolving door" creates captured analysts, it can also create incentives to improve accuracy. To study this issue, I construct an original dataset, linking analysts to their...  View Details
Keywords: Credit Rating Agencies; Investment Banking; Recruitment; Performance Evaluation; Financial Services Industry
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  • May 2017
  • Article

Distracted Shareholders and Corporate Actions
By: Elisabeth Kempf, Alberto Manconi and Oliver Spalt
Investor attention matters for corporate actions. Our new identification approach constructs firm-level shareholder "distraction" measures, by exploiting exogenous shocks to unrelated parts of institutional shareholders' portfolios. Firms with "distracted" shareholders...  View Details
Keywords: Investors; Business and Shareholder Relations; Executive Compensation; Stocks; Mergers and Acquisitions
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  • 2017
  • Working Paper

Learning by Doing: The Value of Experience and the Origins of Skill for Mutual Fund Managers
By: Elisabeth Kempf, Alberto Manconi and Oliver Spalt
Learning by doing matters for professional investors. We develop a new methodology to show that mutual fund managers outperform in industries where they have obtained experience on the job. The key to our identification strategy is that we look "inside" funds and...  View Details
Keywords: Fund Managers; Experience and Expertise; Performance; Forecasting and Prediction
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