User profiles for Jonathan B. Berk
Jonathan B. BerkStanford University Verified email at stanford.edu Cited by 16699 |
Optimal investment, growth options, and security returns
As a consequence of optimal investment choices, a firm's assets and growth options change
in predictable ways. Using a dynamic model, we show that this imparts predictability to …
in predictable ways. Using a dynamic model, we show that this imparts predictability to …
Mutual fund flows and performance in rational markets
JB Berk, RC Green - Journal of political economy, 2004 - journals.uchicago.edu
We derive a parsimonious rational model of active portfolio management that reproduces
many regularities widely regarded as anomalous. Fund flows rationally respond to past …
many regularities widely regarded as anomalous. Fund flows rationally respond to past …
Valuation and return dynamics of new ventures
A dynamic model of a multistage investment project that captures many features of research
and development (R&D) ventures and start-up companies is developed. An important …
and development (R&D) ventures and start-up companies is developed. An important …
A critique of size-related anomalies
JB Berk - The review of financial studies, 1995 - academic.oup.com
This article argues that the size-related regularities in asset prices should not be regarded
as anomalies. Indeed, the opposite result is demonstrated. Namely, a truly anomalous …
as anomalies. Indeed, the opposite result is demonstrated. Namely, a truly anomalous …
Measuring skill in the mutual fund industry
JB Berk, JH Van Binsbergen - Journal of financial economics, 2015 - Elsevier
Using the value that a mutual fund extracts from capital markets as the measure of skill, we
find that the average mutual fund has used this skill to generate about $3.2 million per year. …
find that the average mutual fund has used this skill to generate about $3.2 million per year. …
Human capital, bankruptcy, and capital structure
We derive the optimal labor contract for a levered firm in an economy with perfectly competitive
capital and labor markets. Employees become entrenched under this contract and so …
capital and labor markets. Employees become entrenched under this contract and so …
Assessing asset pricing models using revealed preference
JB Berk, JH Van Binsbergen - Journal of Financial Economics, 2016 - Elsevier
We propose a new method of testing asset pricing models that relies on quantities rather
than just prices or returns. We use the capital flows into and out of mutual funds to infer which …
than just prices or returns. We use the capital flows into and out of mutual funds to infer which …
Managerial ability, compensation, and the closed‐end fund discount
This paper shows that the existence of managerial ability, combined with the labor contract
prevalent in the industry, implies that the closed‐end fund discount should exhibit many of the …
prevalent in the industry, implies that the closed‐end fund discount should exhibit many of the …
Sorting out sorts
JB Berk - The Journal of Finance, 2000 - Wiley Online Library
In this paper we analyze the theoretical implications of sorting data into groups and then
running asset pricing tests within each group. We show that the way this procedure is …
running asset pricing tests within each group. We show that the way this procedure is …
Does size really matter?
JB Berk - Financial Analysts Journal, 1997 - Taylor & Francis
… Jonathan B. Berk is an assistant professor of finance at the School of Business … This section
is an intuitive summary of the arguments first published in Berk (1995a). A reader interested …
is an intuitive summary of the arguments first published in Berk (1995a). A reader interested …