Tao Li

TL;DR: The authors found that pump-and-dump schemes can lead to short-term bubbles featuring dramatic increases in prices, volume, and volatility of cryptocurrencies, implying significant wealth transfers between insiders and outsiders.

TL;DR: It is found that favorable analyst opinions on the underlying projects are associated with aggressive initial token subscriptions, fundraising success, and exchange listing, and analyst ratings also predict long-run token performance.

TL;DR: In this article, the authors provide the first comprehensive study of mutual fund voting in proxy contests, finding that shareholders tend to vote against incumbent management at firms with weak operating and financial performance, and in favor of dissidents with credible track records.

TL;DR: Using a unique dataset on voting recommendations, it is found that for most types of proposals, competition from a new entrant reduces favoritism towards management by an incumbent advisor that serves both corporations and investors.

TL;DR: In an "activist risk arbitrage" strategy, a shareholder attempts to improve terms of an announced M&A through public campaigns as discussed by the authors, where they target deals with low premiums and those susceptible to managerial conflicts of interest, including going-private deals and deals in which CEOs receive outsized payments.