Daniel Bergstresser

Brandeis University
International Business School
415 South St
Waltham, MA 02453

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NBER Working Papers and Publications

February 2012Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge
with Bo Becker, Guhan Subramanian: w17797
We use the Business Roundtable's challenge to the SEC's 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and activist institutional ownership in particular, lost value on October 4, 2010, when the SEC unexpectedly announced that it would delay implementation of the Rule in response to the Business Roundtable challenge. We also examine intra-day returns and find that the value loss occurred just after the SEC's announcement on October 4. We find similar results on July 22, 2011, when the D.C. Circuit ruled in favor of the Business Roundtable. These findings are consistent with the view that financial markets placed a positive value...

Published: Bo Becker & Daniel Bergstresser & Guhan Subramanian, 2013. "Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable’s Challenge," Journal of Law and Economics, University of Chicago Press, vol. 56(1), pages 127 - 160. citation courtesy of

June 2004Earnings Manipulation and Managerial Investment Decisions: Evidence from Sponsored Pension Plans
with Mihir A. Desai, Joshua Rauh: w10543
Managers appear to manipulate firm earnings when they characterize pension assets to capital markets and alter investment decisions to justify, and capitalize on, these manipulations. We construct a measure of the sensitivity of reported earnings to the assumed long-term rate of return on pension assets. Managers are more aggressive with assumed long-term rates of return when their assumptions have a greater impact on reported earnings. Managers also increase assumed rates of return as they prepare to acquire other firms and as they exercise stock options, further confirming the opportunistic nature of these increases. Decisions about assumed rates of return, in turn, influence asset allocation within pension plans. Instrumental variables results suggest that a 25 basis point increase in t...

Published: Bergstresser, Daniel, Mihir Desai and Joshua Rauh. "Earnings Manipulation, Pension Assumptions, And Managerial Investment Decisions," Quarterly Journal of Economics, 2006, v121(1,Feb), 157-195.

October 2002Asset Allocation and Asset Location: Household Evidence from the Survey of Consumer Finances
with James Poterba: w9268
The rapid growth of assets in self-directed tax-deferred retirement accounts has generated a new set of financial decisions for many households. In addition to deciding which assets to hold, households with substantial assets in both taxable and tax-deferred accounts must decide where to hold them. This paper uses data from the Survey of Consumer Finances to assess how many households have enough assets in both taxable and tax-deferred accounts to face significant asset location choices. It also investigates the asset location decisions these households make. In 1998, 45 percent of households had at least some assets in a tax-deferred account, and more than ten million households had at least $25,000 in both a taxable and a tax-deferred account. Many households hold equities in their tax-d...

Published: Bergstresser, Daniel and James Poterba. "Asset Allocation And Asset Location: Household Evidence From The Survey Of Consumer Finances," Journal of Public Economics, 2004, v88(9-10,Aug), 1893-1915. citation courtesy of

March 2000Do After-Tax Returns Affect Mutual Fund Inflows?
with James Poterba: w7595
This paper explores the relationship between the after-tax returns that taxable investors earn on equity mutual funds and the subsequent cash inflows to these funds. Previous studies have documented that funds with high pretax returns attract greater inflows. This paper investigates the relative predictive power of pre-tax and after-tax returns for explaining annual fund inflows. The empirical results, based on a large sample of equity mutual funds over the period 1993-1998, suggest that after-tax returns have more explanatory power than pretax returns in explaining inflows. In addition, funds with large overhangs' of unrealized capital gains experience smaller inflows, all else equal, than funds without such unrealized gains. By disaggregating net fund inflows into gross inflows and...

Published: Bergstresser, Daniel and James Poterba. "Do After-Tax Returns Affect Mutual Fund Inflows?," Journal of Financial Economics, 2002, v63(3,Mar), 381-414. citation courtesy of

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