Paul Schultz ♦ Stocks that are expensive to borrow underperform significantly and for long periods of time. Every share must be held by an investor who doesn’t lend it out and hence loses money. I find no evidence that investors…
Xiang Li ♦ I analyze the effects of bank competition on gender and racial gaps in entrepreneurship. By leveraging interstate bank deregulation from 1994 to 2021, I find that stronger bank competition increases the quantity and quality of banking services…
Harold Contreras, Jana Fidrmuc, and Roman Kozhan ♦ We study the information content of corporate insiders’ trades after earnings announcements. We find little evidence that insiders trade on foreknowledge of material information in the post-SOX period. Conditioning on short-selling activity as a…
Junye Li, Lucio Sarno, and Gabriele Zinna ♦ Using model-free skewness measures that exploit the asymmetry in semivariances and option data from the over-the-counter currency market, we find that buying currencies with a high skewness risk premium (SRP) and selling…
Claudia Custodio, Dragana Cvijanovic, and Moritz Wiedemann ♦ We study the impact of opioid abuse on real estate prices. We document that opioid death rates and excess prescription rates are negatively associated with house prices. Exploiting the staggered passage of…
Paula Cocoma ♦ We propose a theoretical explanation for the positive pre-announcement drift documented ahead of scheduled announcements, using the Federal Open Market Committee (FOMC) meetings as main example. The framework entails a general equilibrium model of disagreement (differences-of-opinion), where…
