Martijn Cremers

University of Notre Dame

Professor of Finance

P.O. Box 399

Notre Dame, IN 46556-0399

United States

ECGI

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

SCHOLARLY PAPERS

68

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144,912

SSRN CITATIONS
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Top 445

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2,045

CROSSREF CITATIONS

824

Scholarly Papers (68)

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1.

How Active is Your Fund Manager? A New Measure That Predicts Performance

Downloads 31,865 ( 123)
Citation 124

How Active is Your Fund Manager? A New Measure That Predicts Performance

AFA 2007 Chicago Meetings Paper, EFA 2007 Ljubljana Meetings Paper, Yale ICF Working Paper No. 06-14
Number of pages: 47 Posted: 21 Mar 2006 Last Revised: 09 Feb 2019
Martijn Cremers and Antti Petajisto
University of Notre Dame and Brooklyn Investment Group
Downloads 31,865 (120)
Citation 124

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Portfolio management, Active Share, tracking error, closet indexing

How Active is Your Fund Manager? A New Measure that Predicts Performance

The Review of Financial Studies, Vol. 22, Issue 9, pp. 3329-3365, 2009
Posted: 08 Sep 2009
Martijn Cremers and Antti Petajisto
University of Notre Dame and Brooklyn Investment Group

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G10, G14, G20, G23

2.

Governance Mechanisms and Equity Prices

Downloads 6,510 ( 2,135)

Governance Mechanisms and Equity Prices

Number of pages: 62 Posted: 18 Sep 2003
Martijn Cremers and Vinay B. Nair
University of Notre Dame and University of Pennsylvania - Finance Department
Downloads 6,510 (2,130)
Citation 205

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Governance Mechanisms and Equity Prices

Journal of Finance, Vol. 60, No. 6, pp. 2859-2894, 2005
Posted: 20 Oct 2006
Martijn Cremers and Vinay B. Nair
University of Notre Dame and University of Pennsylvania - Finance Department

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corporate governance, shareholder control, shareholder activism

3.

Indexing and Active Fund Management: International Evidence

Downloads 6,321 ( 2,251)
Citation 119

Indexing and Active Fund Management: International Evidence

Number of pages: 73 Posted: 03 May 2011 Last Revised: 06 Jan 2015
Martijn Cremers, Miguel A. Ferreira, Pedro Matos and Laura T. Starks
University of Notre Dame, Nova School of Business and Economics, University of Virginia - Darden School of Business and University of Texas at Austin - Department of Finance
Downloads 4,380 (4,175)
Citation 20

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Mutual funds, Active management, Index funds, Exchange-traded funds, Competition, Fees, Performance

Indexing and Active Fund Management: International Evidence

Journal of Financial Economics (JFE), Forthcoming, Darden Business School Working Paper No. 2558724
Number of pages: 73 Posted: 03 Feb 2015
Martijn Cremers, Miguel A. Ferreira, Pedro Matos and Laura T. Starks
University of Notre Dame, Nova School of Business and Economics, University of Virginia - Darden School of Business and University of Texas at Austin - Department of Finance
Downloads 1,941 (15,491)
Citation 21

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Mutual funds, Active management, Index funds, Exchange-traded funds, Competition, Fees, Performance

4.

Pension Fund Asset Allocation and Liability Discount Rates

Number of pages: 53 Posted: 29 May 2012 Last Revised: 22 Feb 2017
Aleksandar Andonov, Rob Bauer and Martijn Cremers
University of Amsterdam and CEPR, Maastricht University and University of Notre Dame
Downloads 5,893 (2,538)
Citation 66

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pension funds, defined benefit, regulation, liability discount rates, asset allocation, risk-taking, funding status, governance, board members

5.

Patient Capital Outperformance: The Investment Skill of High Active Share Managers Who Trade Infrequently

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 70 Posted: 21 Sep 2014 Last Revised: 21 Jul 2016
Martijn Cremers and Ankur Pareek
University of Notre Dame and Bucknell University, Freeman College of Management
Downloads 5,389 (2,971)
Citation 19

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Performance, Active Share, Mutual Funds, Institutional Portfolios, 13F, Fund Duration, Turnover

6.

Deviations from Put-Call Parity and Stock Return Predictability

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 51 Posted: 05 Mar 2007 Last Revised: 18 Jul 2008
Martijn Cremers and David Weinbaum
University of Notre Dame and Syracuse University
Downloads 5,357 (3,016)
Citation 18

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options, predictability, put-call parity

7.

Challenging the Conventional Wisdom on Active Management: A Review of the Past 20 Years of Academic Literature on Actively Managed Mutual Funds

Financial Analysts Journal, Vol. 75, No. 4 (Fourth Quarter 2019)
Number of pages: 50 Posted: 14 Sep 2018 Last Revised: 30 Oct 2019
Martijn Cremers, Jon A. Fulkerson and Timothy B. Riley
University of Notre Dame, University of Dayton and University of Arkansas - Department of Finance
Downloads 5,300 (3,078)
Citation 6

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Active Management, Mutual Funds, Skill, Alpha, Value

8.

Active Share and the Three Pillars of Active Management: Skill, Conviction and Opportunity

Financial Analysts Journal, 2017, vol. 73, no. 2 (Second Quarter): 61-79
Number of pages: 30 Posted: 28 Oct 2016 Last Revised: 27 Aug 2017
Martijn Cremers
University of Notre Dame
Downloads 3,855 (5,275)
Citation 2

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Active Share, mutual funds, costs, style, patience, fund holding duration

9.

Pension Fund Performance and Costs: Small is Beautiful

Number of pages: 46 Posted: 27 Feb 2007 Last Revised: 06 Nov 2012
Rob Bauer, Martijn Cremers and Rik Frehen
Maastricht University, University of Notre Dame and Tilburg University - Department of Finance
Downloads 3,847 (5,294)
Citation 40

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Pension Fund, Performance, Costs, Liquidity

10.

Can Large Pension Funds Beat the Market? Asset Allocation, Market Timing, Security Selection and the Limits of Liquidity

Number of pages: 48 Posted: 14 Jul 2011 Last Revised: 15 Nov 2012
Aleksandar Andonov, Rob Bauer and Martijn Cremers
University of Amsterdam and CEPR, Maastricht University and University of Notre Dame
Downloads 3,745 (5,528)
Citation 23

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pension fund performance, asset allocation, market timing, security selection, dis-economies of scale, liquidity.

11.

Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation

Downloads 3,698 ( 5,641)
Citation 111

Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation

EFA 2009 Bergen Meetings Paper, AFA 2010 Atlanta Meetings Paper
Number of pages: 54 Posted: 26 Mar 2008 Last Revised: 26 Jan 2010
Martijn Cremers, Antti Petajisto and Eric Zitzewitz
University of Notre Dame, Brooklyn Investment Group and Dartmouth College
Downloads 3,538 (5,957)
Citation 24

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performance evaluation, benchmark index, factor model, Fama-French, Carhart

Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation

NBER Working Paper No. w18050
Number of pages: 42 Posted: 05 May 2012 Last Revised: 28 Apr 2023
Martijn Cremers, Antti Petajisto and Eric Zitzewitz
University of Notre Dame, Brooklyn Investment Group and Dartmouth College
Downloads 160 (337,711)
Citation 43

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12.

Thirty Years of Shareholder Rights and Firm Valuation

Journal of Finance, Forthcoming
Number of pages: 61 Posted: 04 Jun 2009 Last Revised: 13 Jan 2015
Martijn Cremers and Allen Ferrell
University of Notre Dame and Harvard Law School
Downloads 3,175 (7,256)
Citation 33

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shareholder rights, antitakeover defenses, firm valuation, poison pill

13.

The CEO Pay Slice

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Citation 131

The CEO Pay Slice

102 Journal of Financial Economics, Vol. 102, 2011, pp. 199-221
Number of pages: 55 Posted: 15 Nov 2007 Last Revised: 20 Nov 2018
Lucian A. Bebchuk, Martijn Cremers and Urs Peyer
Harvard Law School, University of Notre Dame and INSEAD - Finance
Downloads 2,977 (7,850)
Citation 130

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Executive compensation, corporate governance, CEOs, executives, options, equity-based compensation, non-equity compensation, Tobin's Q, firm entrenchment, CEO turnover, independent directors, CEO chair, acquisitions, CEO turnover, pay for luck., variability of returns, pay distribution, internal pay

CEO Centrality

NBER Working Paper No. w13701
Number of pages: 49 Posted: 31 Dec 2007 Last Revised: 10 Dec 2022
Lucian A. Bebchuk, Martijn Cremers and Urs Peyer
Harvard Law School, University of Notre Dame and INSEAD - Finance
Downloads 134 (390,320)
Citation 1

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14.

Shareholder Engagement on Environmental, Social, and Governance Performance

Journal of Business Ethics, 2022, 180, pp. 777–812, CentER Discussion Paper Series No. 2017-040, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 509/2017 , TILEC Discussion Paper No. DP 2017-021
Number of pages: 69 Posted: 31 May 2017 Last Revised: 18 Nov 2022
Tamas Barko, Martijn Cremers and Luc Renneboog
Quoniam Asset Management GmbH, University of Notre Dame and Tilburg University - Department of Finance
Downloads 3,047 (7,704)
Citation 5

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activism; corporate social responsibility; socially responsible investing (SRI); engagement; environmental, social and governance (ESG)

15.

Staggered Boards and Long-Term Firm Value, Revisited

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 56 Posted: 07 Dec 2013 Last Revised: 25 Jul 2017
Martijn Cremers, Lubomir P. Litov and Simone M. Sepe
University of Notre Dame, University of Oklahoma - Michael F. Price College of Business and University of Arizona - James E. Rogers College of Law
Downloads 3,021 (7,814)
Citation 62

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Staggered Boards, Classified Boards, Firm Value, Long-term Commitment, Entrenchment

16.

The Life-Cycle of Dual Class Firm Valuation

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 550/2018
Number of pages: 58 Posted: 01 Nov 2017 Last Revised: 17 Aug 2022
Martijn Cremers, Beni Lauterbach and Anete Pajuste
University of Notre Dame, Bar-Ilan University - Graduate School of Business Administration and Stockholm School of Economics, Riga
Downloads 2,656 (9,629)
Citation 8

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Dual class shares; life cycle; anti-takeover defenses; unifications; founder-led firms; sunset provisions

17.

Individual Stock-Option Prices and Credit Spreads

Number of pages: 56 Posted: 30 Jun 2004
Martijn Cremers, Joost Driessen, Pascal J. Maenhout and David Weinbaum
University of Notre Dame, Tilburg University - Tilburg University School of Economics and Management, INSEAD - Finance and Syracuse University
Downloads 2,329 (11,836)
Citation 26

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18.

Hedge Fund Activism and Long-Term Firm Value

Number of pages: 66 Posted: 19 Nov 2015 Last Revised: 29 May 2020
Martijn Cremers, Erasmo Giambona, Simone M. Sepe and Ye Wang
University of Notre Dame, Syracuse University - Whitman School of Management - Finance Department; James D. Kuhn Center for Real Estate, University of Arizona - James E. Rogers College of Law and School of Banking and Finance, University of International Business and Economics
Downloads 2,255 (12,488)
Citation 15

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Hedge fund activism, corporate governance, long-term firm value, selection effect, matched sample, limited commitment, stakeholder relationships

19.

Option Trading Activity, News Releases, and Stock Return Predictability

11th Annual Mid-Atlantic Research Conference in Finance (MARC), 28th Annual Conference on Financial Economics and Accounting, Management Science, Forthcoming
Number of pages: 48 Posted: 02 Jan 2015 Last Revised: 16 Aug 2022
David Weinbaum, Andy Fodor, Dmitriy Muravyev and Martijn Cremers
Syracuse University, Ohio University, Michigan State University - Department of Finance and University of Notre Dame
Downloads 2,081 (14,203)
Citation 7

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option trading, news releases, stock return predictability

20.

Aggregate Jump and Volatility Risk in the Cross-Section of Stock Returns

Journal of Finance, Forthcoming
Number of pages: 62 Posted: 06 Mar 2010 Last Revised: 17 Apr 2014
Martijn Cremers, Michael Halling and David Weinbaum
University of Notre Dame, University of Luxembourg and Syracuse University
Downloads 2,026 (14,779)
Citation 90

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cross-sectional asset pricing, aggregate jump risk, aggregate volatility risk, option returns

21.

Short-Term Trading and Stock Return Anomalies: Momentum, Reversal, and Share Issuance

Review of Finance, Forthcoming
Number of pages: 62 Posted: 17 Mar 2010 Last Revised: 12 Jul 2014
Martijn Cremers and Ankur Pareek
University of Notre Dame and Bucknell University, Freeman College of Management
Downloads 1,937 (15,824)
Citation 18

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stock holding duration, return anomalies, institutional investors

22.

Governance Mechanisms and Bond Prices

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Governance Mechanisms and Bond Prices

Yale ICF Working Paper No. 06-30, NYU, Law and Economics Research Paper No. 04-007, 7th Annual Texas Finance Festival Paper
Number of pages: 56 Posted: 12 Oct 2004
Martijn Cremers, Vinay B. Nair and Chenyang (Jason) Wei
University of Notre Dame, University of Pennsylvania - Finance Department and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 1,789 (17,647)
Citation 31

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corporate governance, takeovers, shareholder controls

Governance Mechanisms and Bond Prices

The Review of Financial Studies, Vol. 20, Issue 5, pp. 1359-1388, 2007
Posted: 25 Jun 2008
Martijn Cremers and Vinay B. Nair
University of Notre Dame and University of Pennsylvania - Finance Department

Abstract:

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G12, G34

23.

The complex materiality of proprietary ESG information: Evidence from actively managed funds

Number of pages: 78 Posted: 25 Jan 2023 Last Revised: 27 Mar 2024
Martijn Cremers, Timothy B. Riley and Rafael Zambrana
University of Notre Dame, University of Arkansas - Department of Finance and University of Notre Dame - Mendoza College of Business
Downloads 1,768 (18,339)

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Mutual fund, ESG, Environmental, Social, Governance, Active, Alpha, Disagreement, Benchmark, Performance, Corporate Misconduct, Rating Downgrades

24.

Pay Distribution in the Top Executive Team

Harvard Law and Economics Discussion Paper No. 574
Number of pages: 57 Posted: 12 Jan 2007 Last Revised: 18 May 2009
Lucian A. Bebchuk, Martijn Cremers and Urs Peyer
Harvard Law School, University of Notre Dame and INSEAD - Finance
Downloads 1,741 (18,709)
Citation 12

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Executive compensation, corporate governance, CEOs, options, equity-based compensation, non-equity compensation, Tobin's Q, entrenchment, independent directors, board size, CEO tenure, CEO turnover, acquisitions, variability of returns, pay distribution, and internal pay equity

25.

Short-Term Investors, Long-Term Investments, and Firm Value: Evidence from Russell 2000 Index Inclusions

Number of pages: 39 Posted: 23 Jan 2016 Last Revised: 16 May 2019
Martijn Cremers, Ankur Pareek and Zacharias Sautner
University of Notre Dame, Bucknell University, Freeman College of Management and University of Zurich - Department of Finance
Downloads 1,701 (19,410)
Citation 40

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short-termism, managerial myopia, investment, misvaluation

26.

Does Skin in the Game Matter? Director Incentives and Governance in the Mutual Fund Industry

Yale ICF Working Paper No. 06-34
Number of pages: 41 Posted: 20 Mar 2005
Martijn Cremers, Joost Driessen, Pascal J. Maenhout and David Weinbaum
University of Notre Dame, Tilburg University - Tilburg University School of Economics and Management, INSEAD - Finance and Syracuse University
Downloads 1,672 (19,917)
Citation 3

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27.

Does the Market for CEO Talent Explain Controversial CEO Pay Practices?

Review of Finance, Forthcoming
Number of pages: 55 Posted: 26 Mar 2008 Last Revised: 17 Apr 2014
Martijn Cremers, Yaniv Grinstein and Yaniv Grinstein
University of Notre Dame and Reichman University - Interdisciplinary Center (IDC) HerzliyahCornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 1,633 (20,672)
Citation 13

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CEO Compensation, talent, Skills, CEO Turnover, talent pools, pay for luck

28.

Short-Term Institutions, Analyst Recommendations, and Mispricing: The Role of Higher-Order Beliefs

Downloads 1,541 (22,662)

Short-Term Institutions, Analyst Recommendations, and Mispricing: The Role of Higher-Order Beliefs

Number of pages: 62 Posted: 19 Dec 2012 Last Revised: 16 Jan 2021
Martijn Cremers, Ankur Pareek and Zacharias Sautner
University of Notre Dame, Bucknell University, Freeman College of Management and University of Zurich - Department of Finance
Downloads 1,541 (22,250)
Citation 15

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Short-term Institutions; Analyst Recommendations; Mispricing; Higher-Order Beliefs

Short-Term Institutions, Analyst Recommendations, and Mispricing: The Role of Higher Order Beliefs

Journal of Accounting Research, Volume 59, Issue 3 (2021)
Posted: 28 Jun 2021
Martijn Cremers, Ankur Pareek and Zacharias Sautner
University of Notre Dame, Bucknell University, Freeman College of Management and University of Zurich - Department of Finance

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short-term institutions; analyst recommendations; mispricing; higher order beliefs

29.

Do Mutual Fund Investors Get What They Pay For? The Legal Consequences of Closet Index Funds

Number of pages: 73 Posted: 24 Nov 2015
Martijn Cremers and Quinn Curtis
University of Notre Dame and University of Virginia School of Law
Downloads 1,538 (22,698)
Citation 2

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actively managed mutual funds, closet index funds, expense ratio, disclosure, legal liability, Securities Act, Investment Company Act

30.

Stock Return Predictability: A Bayesian Model Selection Perspective

Downloads 1,454 (24,633)
Citation 26

Stock Return Predictability: A Bayesian Model Selection Perspective

Number of pages: 36 Posted: 15 Jan 2001
Martijn Cremers
University of Notre Dame
Downloads 1,454 (24,226)
Citation 26

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Stock Return Predictability: A Bayesian Model Selection Perspective

Posted: 23 Sep 2002
Martijn Cremers
University of Notre Dame

Abstract:

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31.

Takeovers and the Cross-Section of Returns

Downloads 1,452 (24,686)

Takeovers and the Cross-Section of Returns

Yale ICF Working Paper No. 07-13
Number of pages: 50 Posted: 07 Feb 2005
Martijn Cremers, Vinay B. Nair and Kose John
University of Notre Dame, University of Pennsylvania - Finance Department and New York University (NYU) - Department of Finance
Downloads 1,452 (24,282)
Citation 30

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Governance, equity prices, risk, time-varying risk premia, takeovers

Takeovers and the Cross-Section of Returns

The Review of Financial Studies, Vol. 22, Issue 4, pp. 1409-1445, 2009
Posted: 23 Mar 2009
Martijn Cremers, Vinay B. Nair and Kose John
University of Notre Dame, University of Pennsylvania - Finance Department and New York University (NYU) - Department of Finance

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32.

Institutional Investors and Proxy Voting: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation

Yale ICF Working Paper No. 07-10, Yale Law & Economics Research Paper No. 349, European Corporate Governance Institute (ECGI) - Law Working Paper No. 83/2007
Number of pages: 52 Posted: 25 Apr 2007 Last Revised: 07 Nov 2018
Martijn Cremers and Roberta Romano
University of Notre Dame and Yale Law School
Downloads 1,366 (27,060)
Citation 1

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Proxy Voting, Mutual Funds, Institutional Investors, Disclosure

33.

Uncertainty and Valuations

Yale ICF Working Paper No. 09-06
Number of pages: 41 Posted: 23 Mar 2009 Last Revised: 06 Sep 2012
Martijn Cremers and Hongjun Yan
University of Notre Dame and DePaul University
Downloads 1,274 (29,948)
Citation 4

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Uncertainty, convexity, valuation, technology bubble

34.

Tiebreaker: Certification and Multiple Credit Ratings

Downloads 1,251 (30,768)
Citation 129

Tiebreaker: Certification and Multiple Credit Ratings

Yale ICF Working Paper No. 08-27, AFA 2011 Denver Meetings Paper, EFA 2009 Bergen Meetings Paper
Number of pages: 65 Posted: 29 Nov 2008 Last Revised: 10 Sep 2011
Dion Bongaerts, Martijn Cremers and William N. Goetzmann
Erasmus University Rotterdam (EUR) - Finance, University of Notre Dame and Yale School of Management - International Center for Finance
Downloads 1,147 (34,382)
Citation 10

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Ratings, Credit Spreads

Tiebreaker: Certification and Multiple Credit Ratings

NBER Working Paper No. w15331
Number of pages: 66 Posted: 15 Sep 2009 Last Revised: 24 May 2023
Dion Bongaerts, Martijn Cremers and William N. Goetzmann
Erasmus University Rotterdam (EUR) - Finance, University of Notre Dame and Yale School of Management - International Center for Finance
Downloads 104 (473,187)

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35.

Explaining the Level of Credit Spreads: Option-Implied Jump Risk Premia in a Firm Value Model

Downloads 1,093 (37,317)
Citation 50

Explaining the Level of Credit Spreads: Option-Implied Jump Risk Premia in a Firm Value Model

BIS Working Paper No. 191, EFA 2006 Zurich Meetings
Number of pages: 50 Posted: 04 Mar 2005
Martijn Cremers, Joost Driessen and Pascal J. Maenhout
University of Notre Dame, Tilburg University - Tilburg University School of Economics and Management and INSEAD - Finance
Downloads 753 (61,680)
Citation 6

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Credit spreads, jump risk premium, firm value model

Explaining the Level of Credit Spreads: Option-Implied Jump Risk Premia in a Firm Value Model

BIS Working Paper No. 191
Number of pages: 51 Posted: 20 Sep 2007
Martijn Cremers, Joost Driessen, Pascal J. Maenhout and David Weinbaum
University of Notre Dame, Tilburg University - Tilburg University School of Economics and Management, INSEAD - Finance and Syracuse University
Downloads 340 (162,242)
Citation 47

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Explaining the Level of Credit Spreads: Option-Implied Jump Risk Premia in a Firm Value Model

The Review of Financial Studies, Vol. 21, Issue 5, pp. 2209-2242, 2008
Posted: 19 Sep 2008
Martijn Cremers, Joost Driessen and Pascal J. Maenhout
University of Notre Dame, Tilburg University - Tilburg University School of Economics and Management and INSEAD - Finance

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G12, G13

36.

Emerging Market Outperformance: Public‐Traded Affiliates of Multinational Corporations

Number of pages: 19 Posted: 24 Feb 2012 Last Revised: 17 Apr 2014
Martijn Cremers
University of Notre Dame
Downloads 1,042 (39,973)

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37.

Turning Over Turnover

Downloads 1,031 (40,592)
Citation 10

Turning Over Turnover

Yale ICF Working Paper No. 03-26; AFA 2005 Philadelphia Meetings
Number of pages: 43 Posted: 27 Dec 2004
Martijn Cremers and Jianping Mei
University of Notre Dame and Cheung Kong Graduate School of Business
Downloads 861 (51,497)

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Turning Over Turnover

NYU Working Paper No. 2451/27250
Number of pages: 43 Posted: 04 Nov 2008
Martijn Cremers and Jianping Mei
University of Notre Dame and Cheung Kong Graduate School of Business
Downloads 85 (541,236)

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Turning Over Turnover

NYU Working Paper No. 2451/27250
Number of pages: 43 Posted: 11 Nov 2008
Martijn Cremers and Jianping Mei
University of Notre Dame and Cheung Kong Graduate School of Business
Downloads 85 (541,747)
Citation 3

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Turning Over Turnover

The Review of Financial Studies, Vol. 20, Issue 6, pp. 1749-1782, 2007
Posted: 26 Jun 2008
Martijn Cremers and Jianping Mei
University of Notre Dame and Cheung Kong Graduate School of Business

Abstract:

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38.

Takeover Defenses and Competition

Yale ICF Working Paper No. 07-02, 2nd Annual Conference on Empirical Legal Studies Paper
Number of pages: 51 Posted: 04 May 2007
Martijn Cremers, Vinay B. Nair and Urs Peyer
University of Notre Dame, University of Pennsylvania - Finance Department and INSEAD - Finance
Downloads 1,008 (41,924)
Citation 2

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takeovers, shareholders, governance, shareholder rights

39.

Reviving Beta? Bayesian Test of Efficiency and the CAPM

Number of pages: 28 Posted: 10 Jul 2001
Martijn Cremers
University of Notre Dame
Downloads 938 (46,364)
Citation 2

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40.

Poison Pills in the Shadow of the Law

Downloads 839 (54,057)
Citation 1

Poison Pills in the Shadow of the Law

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 595/2019
Number of pages: 74 Posted: 13 Jan 2022 Last Revised: 06 Feb 2024
Martijn Cremers, Simone M. Sepe, Michał Zator and Lubomir P. Litov
University of Notre Dame, University of Arizona - James E. Rogers College of Law, University of Notre Dame - Mendoza College of Business and University of Oklahoma - Michael F. Price College of Business
Downloads 777 (59,192)

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Poison pill, antitakeover statutes, shadow pill, firm value

Poison Pills in the Shadow of the Law

Paris December 2018 Finance Meeting EUROFIDAI - AFFI
Number of pages: 74 Posted: 31 May 2018 Last Revised: 06 Feb 2024
Martijn Cremers, Lubomir P. Litov, Simone M. Sepe and Michał Zator
University of Notre Dame, University of Oklahoma - Michael F. Price College of Business, University of Arizona - James E. Rogers College of Law and University of Notre Dame - Mendoza College of Business
Downloads 62 (649,759)
Citation 4

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Poison pill, antitakeover statutes, shadow pill, firm value

41.

Commitment and Entrenchment in Corporate Governance

Northwestern University Law Review, 2016, Northwestern Law & Econ Research Paper No. 15-22
Number of pages: 69 Posted: 24 Oct 2015 Last Revised: 10 Dec 2015
Martijn Cremers, Saura Masconale and Simone M. Sepe
University of Notre Dame, The University of Arizona Department of Political Economy and Moral Science; Center for the Philosophy of Freedom and University of Arizona - James E. Rogers College of Law
Downloads 730 (65,235)
Citation 11

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Corporate Governance, Firm Value, Long-term Commitment, Entrenchment, G-Index, E-Index, C-Index, I-Index

42.

Active Share and the Predictability of the Performance of Separate Accounts

Financial Analysts Journal, forthcoming
Number of pages: 40 Posted: 20 Apr 2020 Last Revised: 18 Oct 2021
Martijn Cremers, Jon A. Fulkerson and Timothy B. Riley
University of Notre Dame, University of Dayton and University of Arkansas - Department of Finance
Downloads 725 (65,783)
Citation 1

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active share, separate account, mutual fund, alpha, performance, persistence, out-of-sample, predictability

43.

Benchmark Discrepancies and Mutual Fund Performance Evaluation

Number of pages: 61 Posted: 17 May 2018 Last Revised: 17 Sep 2020
Martijn Cremers, Jon A. Fulkerson and Timothy B. Riley
University of Notre Dame, University of Dayton and University of Arkansas - Department of Finance
Downloads 677 (71,776)
Citation 8

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mutual funds, benchmarks, holdings, performance, active share

44.

Internal Capital Markets and Corporate Politics in a Banking Group

Review of Financial Studies, 24, 2011, 358-401 , European Banking Center Discussion Paper No. 2009-15S, Yale ICF Working Paper No. 08-19, AFA 2010 Atlanta Meetings Paper, CentER Discussion Paper Series No. 2009-47S
Number of pages: 54 Posted: 31 Jul 2008 Last Revised: 02 Aug 2012
Martijn Cremers, Rocco Huang and Zacharias Sautner
University of Notre Dame, Michigan State University - Department of Finance and University of Zurich - Department of Finance
Downloads 668 (73,003)
Citation 21

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internal capital markets, capital markets, retail banking, corporate politics

45.

Board Declassification Activism: The Financial Value of the Shareholder Rights Project

Number of pages: 40 Posted: 03 May 2017 Last Revised: 21 Jun 2017
Martijn Cremers and Simone M. Sepe
University of Notre Dame and University of Arizona - James E. Rogers College of Law
Downloads 631 (78,421)
Citation 3

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staggered board, declassification, firm value, shareholder activism, shareholder proposals, legal clinic

46.

CEO Compensation and Stock Mispricing: How Do Boards React to Mutual Fund Flow-Driven Price Pressure?

Downloads 629 (78,751)
Citation 1

CEO Compensation and Stock Mispricing: How Do Boards React to Mutual Fund Flow-Driven Price Pressure?

Number of pages: 55 Posted: 20 Nov 2012 Last Revised: 16 Jan 2019
Jie Cai, Martijn Cremers and Kelsey D. Wei
Drexel University, University of Notre Dame and University of Texas at Dallas
Downloads 373 (146,491)

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Executive Compensation, Stock Mispricing, Board of Directors, Price Pressure

CEO Compensation and Stock Mispricing: How Do Boards React to Mutual Fund Flow-Driven Price Pressure?

Number of pages: 54 Posted: 23 Sep 2015 Last Revised: 02 Jun 2017
Jie Cai, Martijn Cremers and Kelsey D. Wei
Drexel University, University of Notre Dame and University of Texas at Dallas
Downloads 256 (218,193)
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Executive Compensation, Stock Mispricing, Board of Directors, Price Pressure

47.

Passive bond fund management is an oxymoron (or the case for the active management of bond funds)

Number of pages: 96 Posted: 01 Apr 2020 Last Revised: 09 Jan 2024
Jaewon Choi, Martijn Cremers and Timothy B. Riley
University of Illinois at Urbana-Champaign - Department of Finance, University of Notre Dame and University of Arkansas - Department of Finance
Downloads 625 (79,401)
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Bond, Mutual Funds, Active Management, Active Share, Alpha

48.

Do Option-Based Measures of Stock Mispricing Find Investment Opportunities or Market Frictions?

Number of pages: 49 Posted: 22 Mar 2019 Last Revised: 20 Dec 2019
Martijn Cremers, Ruslan Goyenko, Paul Schultz and Stephen Szaura
University of Notre Dame, McGill University - Desautels Faculty of Management, University of Notre Dame and BI Norwegian School of Business
Downloads 609 (81,996)
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options implied stock prices, expiration risk, stock return predictability

49.

Treasury Yield Implied Volatility and Real Activity

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 54 Posted: 26 Jul 2017 Last Revised: 21 May 2020
Martijn Cremers, Matthias Fleckenstein and Priyank Gandhi
University of Notre Dame, University of Delaware and Rutgers University, New Brunswick
Downloads 594 (84,968)
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Treasury Futures, Treasury Futures Options, Implied Volatility, Interest Rate, Business Cycles, Real Activity, Macroeconomic Activity, Macroeconomic Uncertainty, Forecasting, Libor-OIS Spread, Bank Credit

50.

Hedge Fund Activists: Value Creators or Good Stock Pickers?

Number of pages: 58 Posted: 23 Jun 2020 Last Revised: 22 Jan 2021
Martijn Cremers, Erasmo Giambona, Simone M. Sepe and Ye Wang
University of Notre Dame, Syracuse University - Whitman School of Management - Finance Department; James D. Kuhn Center for Real Estate, University of Arizona - James E. Rogers College of Law and School of Banking and Finance, University of International Business and Economics
Downloads 526 (98,781)
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hedge funds, stock pickers, timing skills

51.

The Performance of Direct Investments in Real Assets: Natural Resources, Infrastructure and Commercial Real Estate

Number of pages: 46 Posted: 08 Oct 2013
Martijn Cremers
University of Notre Dame
Downloads 523 (99,231)
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Direct Assets, Natural Resources, Timberland, Farmland, Infrastructure, Commercial Real Estate

52.

The Shareholder Value of Empowered Boards

Stanford Law Review, Vol. 68, 2016, Northwestern Law & Econ Research Paper No. 15-21
Number of pages: 87 Posted: 18 Oct 2015 Last Revised: 10 Dec 2015
Martijn Cremers and Simone M. Sepe
University of Notre Dame and University of Arizona - James E. Rogers College of Law
Downloads 499 (105,246)
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staggered boards, destaggering, corporate law, firm value, entrenchment, limited commitment

53.

Factor Investing Funds: Replicability of Academic Factors and After-Cost Performance

Number of pages: 46 Posted: 02 Feb 2023 Last Revised: 13 Apr 2023
Martijn Cremers, Yuekun Liu and Timothy B. Riley
University of Notre Dame, Aalto University School of Business and University of Arkansas - Department of Finance
Downloads 439 (122,769)

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Mutual fund, factor investing, alpha, active share, cost

54.

A New Approach to the Duo-Factor-Model of Return and Volume

Number of pages: 46 Posted: 16 Mar 2002
Martijn Cremers and Jianping Mei
University of Notre Dame and Cheung Kong Graduate School of Business
Downloads 412 (131,882)
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55.

The Financial Value of Corporate Law: Evidence from (Re)incorporations

Number of pages: 82 Posted: 06 Nov 2014 Last Revised: 10 Nov 2015
Martijn Cremers and Simone M. Sepe
University of Notre Dame and University of Arizona - James E. Rogers College of Law
Downloads 411 (132,286)
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State corporate law, Delaware, reincorporation, firm value, limited commitment, moral hazard, shareholders, stakeholders

56.

Thirty Years of Shareholder Rights and Stock Returns

AFA 2013 San Diego Meetings Paper
Number of pages: 42 Posted: 13 Mar 2012 Last Revised: 07 Jan 2015
Martijn Cremers and Allen Ferrell
University of Notre Dame and Harvard Law School
Downloads 374 (147,086)
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G-Index, abnormal stock returns, robustness, takeover factor, shareholder rights

57.

Multifactor Efficiency and Bayesian Inference

Yale ICF Working Paper No. 06-28
Number of pages: 53 Posted: 19 Oct 2006
Martijn Cremers
University of Notre Dame
Downloads 358 (154,396)

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market measures, multifactor efficiency, market portfolios

58.

Online Appendix to 'Patient Capital Outperformance'

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 20 Posted: 21 Jul 2016
Martijn Cremers and Ankur Pareek
University of Notre Dame and Bucknell University, Freeman College of Management
Downloads 346 (160,223)

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Performance, Active Share, Mutual Funds, Institutional Portfolios, 13F, Fund Duration, Turnover

59.

Board Declassification Activism: Why Run Away from the Evidence?

Number of pages: 13 Posted: 26 Jun 2017
Martijn Cremers and Simone M. Sepe
University of Notre Dame and University of Arizona - James E. Rogers College of Law
Downloads 309 (180,702)
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staggered board, declassification, firm value, shareholder activism, shareholder proposals, legal clinic

60.

Online Appendix to 'Active Share and the Three Pillars of Active Management: Skill, Conviction and Opportunity'

Financial Analysts Journal, Forthcoming
Number of pages: 18 Posted: 31 Dec 2016
Martijn Cremers
University of Notre Dame
Downloads 259 (216,583)

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Active Share, mutual funds, costs, style, patience, fund holding duration

61.

The Impact of Shareholder Control on Bondholders

NYU Working Paper No. S-CDM-04-06
Number of pages: 45 Posted: 05 Nov 2008
Martijn Cremers, Vinay B. Nair and Chenyang (Jason) Wei
University of Notre Dame, University of Pennsylvania - Finance Department and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 234 (239,318)

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62.

Takeovers, Governance and the Cross-Section of Returns

NYU Working Paper No. FIN-05-009
Number of pages: 36 Posted: 03 Nov 2008
Martijn Cremers, Vinay B. Nair and Kose John
University of Notre Dame, University of Pennsylvania - Finance Department and New York University (NYU) - Department of Finance
Downloads 187 (294,448)
Citation 1

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63.

Online Appendix Tables of 'Staggered Boards and Long-Term Firm Value, Revisited'

Number of pages: 32 Posted: 09 Nov 2016 Last Revised: 26 Jul 2017
Martijn Cremers, Lubomir P. Litov and Simone M. Sepe
University of Notre Dame, University of Oklahoma - Michael F. Price College of Business and University of Arizona - James E. Rogers College of Law
Downloads 166 (326,841)
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staggered board, firm value, stakeholder relationships, innovation

64.

CEO Pay Redux

Texas Law Review, Vol. 96, No. 2, 2017
Number of pages: 74 Posted: 31 Jul 2018
Martijn Cremers, Saura Masconale and Simone M. Sepe
University of Notre Dame, The University of Arizona Department of Political Economy and Moral Science; Center for the Philosophy of Freedom and University of Arizona - James E. Rogers College of Law
Downloads 123 (415,489)

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executive compensation, dynamic contracts, firm value, CEO pay, incentives, stock grants, options

65.

Institutional Investors and Proxy Voting on Compensation Plans: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation

NBER Working Paper No. w15449
Number of pages: 47 Posted: 03 Nov 2009 Last Revised: 20 Mar 2022
Martijn Cremers and Roberta Romano
University of Notre Dame and Yale Law School
Downloads 116 (436,852)
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66.

Internet Appendix to: Short-Term Trading and Stock Return Anomalies

Forthcoming in Review of Finance
Number of pages: 11 Posted: 15 Jul 2014
Martijn Cremers and Ankur Pareek
University of Notre Dame and Bucknell University, Freeman College of Management
Downloads 102 (476,655)

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67.

Emerging Market Outperformance: Publicly Traded Affiliates of Multinational Corporations

Journal of Investment Consulting, Vol. 15, No. 1, 27-35, 2014
Number of pages: 11 Posted: 29 Aug 2014
Martijn Cremers
University of Notre Dame
Downloads 91 (513,539)

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emerging markets

68.

How Active Is Your Real Estate Fund Manager?

https://doi.org/10.3905/jai.2015.18.1.022
Posted: 07 Dec 2013
Martijn Cremers and Colin Lizieri
University of Notre Dame and University of Cambridge - Department of Land Economy
Downloads 0 (1,120,022)
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Commercial real estate portfolios, Segment Active Share, holdings