Andrew Koch   

                                          Ph.D. Candidate in Finance


 

McCombs School of Business
University of Texas at Austin
Finance Department, B6600
1 University Station
Austin, TX 78712

Phone: 404-423-6030
Office: CBA 5.334G
E-mail:
andrew.koch at phd.mccombs.utexas.edu

Curriculum Vitae (PDF)

 

Job Market Paper:

Correlated Signals and Career Concerns: Why do Mutual Funds Herd?    

Abstract: Mutual fund managers may herd in their trading decisions because they obtain similar information or because career concerns create incentives to maintain similar portfolios. I develop
a consistent and unifying framework to summarize trade-based and holding-based aspects of
common portfolio evolution at the fund level. Herd behavior is strongest among fund managers
with short tenure. Funds that herd underperform other funds with more independent trades
and holdings. These results suggest that managerial career concerns are an important driver of
herd behavior.

 

Other Working Papers:

Commonality in Liquidity: A Demand-side Explanation
(with Stefan Ruenzi and Laura Starks)

presented at the AFA 2010 meetings, Lisbon Asset Management Conference, FMA Europe 2010 meetings, FMA Asia 2010 meetings, FMA New York 2010 meetings


Do High ESG (Environmental Social Governance) Firms and Their Owners Outperform in the Long Term?
(with Stu Gillan, Jay Hartzell, and Laura Starks)

presented at the Yale-EGCI-Oxford corporate governance conference, Nov. 2010

 

Getting the Incentives Right: Backfilling and Biases in Executive Compensation Data
(with Stu Gillan, Jay Hartzell, and Laura Starks)

      Data: The following dataset contains the year and executive ID (co_per_rol) for each observation in ExecuComp that we identify as backfilled.  We also include our backfilling dummy  variables that indicate the types of compensation items that were backfilled and the reason(s) why the observation was backfilled. Details regarding the methodology we employ to estimate these dummy variables are provided in the paper.

     SAS

    Excel (csv)