Glucksman Fellowship Program Student Research Reports

Abstract

The Glucksman Institute for Research in Securities Markets awards fellowships each year to outstanding second year Stern MBA students to work on independent research projects under a faculty member's supervision. Four research projects completed by the Glucksman Fellows of 2011-2012 are included in this special issue of the Finance Department Working Paper Series. These papers focus on important topics in empirical financial economics. Samuel Welt, under the supervision of William Silber, analyzes the economic and political factors that determine the magnitude of increases in the debt ceiling voted by Congress. Karen Shortt, under the direction of Aswath Damodaran , investigates the relationship between corporate environmental performance and abnormal stock price movements of a firm. Oren Livne, under the supervision of Alexander Ljungqvist, provides an overview of the evolution of the private company secondary marketplace in the United States, and evaluates the ability of secondary market data to predict share price changes post IPO. Ismael Orenstein, under the supervision of Yakov Amihud, analyzes the impact of the Federal Reserve’s Quantitative Easing (QE) program on the relative pricing of treasury securities. These papers, reflecting the research effort of four outstanding Stern MBA students, are summarized in more detail in the Table of Contents on the next page.