Presidential Address: The Limits of Financial Globalization REN´E M. STULZ

Consumption, Dividends, and the Cross Section of Equity Returns RAVI BANSAL, ROBERT F. DITTMAR, and CHRISTIAN T. LUNDBLAD

Time Variation in the Covariance between Stock Returns and Consumption Growth GREGORY R. DUFFEE

Rational IPO Waves ˇLUBOˇS P ASTOR and PIETRO VERONESI

Does Prospect Theory Explain IPO Market Behavior? ALEXANDER LJUNGQVIST and WILLIAM J. WILHELM, JR

Private Equity Performance: Returns, Persistence, and Capital Flows STEVEN N. KAPLAN and ANTOINETTE SCHOAR

Predatory Trading MARKUS K. BRUNNERMEIER and LASSE HEJE PEDERSEN

Strategic Behavior and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions MATTI KELOHARJU, KJELL G. NYBORG, and KRISTIAN RYDQVIST

Market Timing and Managerial Portfolio Decisions DIRK JENTER

Do Insiders Learn from Outsiders? Evidence from Mergers and Acquisitions YUANZHI LUO

On the Industry Concentration of Actively Managed Equity Mutual Funds MARCIN KACPERCZYK, CLEMENS SIALM, and LU ZHENG

Managerial Opportunism during Corporate Litigation BRUCE HASLEM

The Impact of Bank Consolidation on Commercial Borrower Welfare JASON KARCESKI, STEVEN ONGENA, and DAVID C. SMITH

Board Seat Accumulation by Executives: A Shareholder’s Perspective TOD PERRY and URS PEYER