Volume 61 CONTENTS for APRIL 2006 No. 2

Bank Mergers and Crime: The Real and Social Effects
of Credit Market Competition
MARK J. GARMAISE and TOBIAS J. MOSKOWITZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 495
A Consumption-Based Explanation of Expected Stock Returns
MOTOHIRO YOGO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 539
Do the Fama–French Factors Proxy for Innovations
in Predictive Variables?
RALITSA PETKOVA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 581
Risk, Reputation, and IPO Price Support
KATHARINA LEWELLEN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 613
Does Weak Governance Cause Weak Stock Returns? An Examination
of Firm Operating Performance and Investors’ Expectations
JOHN E. CORE, WAYNE R. GUAY, and TJOMME O. RUSTICUS . . . . . . . . . . . . . . . . 655
Are Busy Boards Effective Monitors?
ELIEZER M. FICH and ANIL SHIVDASANI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 689
Does Investor Misvaluation Drive the Takeover Market?
MING DONG, DAVID HIRSHLEIFER, SCOTT RICHARDSON,
and SIEW HONG TEOH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 725
Offering versus Choice in 401(k) Plans: Equity Exposure
and Number of Funds
GUR HUBERMAN and WEI JIANG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 763
The Entrepreneur’s Choice between Private and Public Ownership
ARNOUD W. A. BOOT, RADHAKRISHNAN GOPALAN,
and ANJAN V. THAKOR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 803
Market Valuation of Tax-Timing Options: Evidence from Capital
Gains Distributions
J. B. CHAY, DOSOUNG CHOI, and JEFFREY PONTIFF . . . . . . . . . . . . . . . . . . . . . . . . 837
Banks’ Advantage in Hedging Liquidity Risk: Theory and Evidence
from the Commercial Paper Market
EVAN GATEV and PHILIP E. STRAHAN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 867
Firm Value and Hedging: Evidence from U.S. Oil and Gas Producers
YANBO JIN and PHILIPPE JORION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 893
Pension Plan Funding and Stock Market Efficiency
FRANCESCO FRANZONI and JOS´E M. MAR´IN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 921
How Do Crises Spread? Evidence from Accessible and
Inaccessible Stock Indices
BRIAN H. BOYER, TOMOMI KUMAGAI, and KATHY YUAN . . . . . . . . . . . . . . . . . . . . 957

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