Jarrad Harford, Xing Li, Jiaren Pang, Haibin Wu, and Liu Zheng ♦ We investigate the role of social capital in mitigating hold-up problems along the supply chain. We find that supplier firms are more willing to make relationship-specific investments (proxied…
Mancy Luo, Alberto Manconi, and Massimo Massa ♦ We study the acquisition of Dow Jones & Co. by News Corporation in 2007 as a shock to the political affiliation of Dow Jones outlets. Following the acquisition, Republican- (Democrat-) aligned stocks…
Jie Cao, Gang Li, Xintong (Eunice) Zhan, and Guofu Zhou ♦ We examine time-series stock market excess return predictability by aggregate stock option order imbalance. While individual-level call order imbalance (CIB) captures informed trading and positively predicts cross-sectional stock returns,…
Andrew Ellul, Marco Pagano, and Annalisa Scognamiglio ♦ Past research has documented a substantial finance wage premium. We examine whether this premium reflects differences in lifetime career opportunities. Using resume data, we reconstruct career trajectories in finance and non-finance sectors…
Patrick Schwarz, Dominik Walter, and Patrick Weiss ♦ In January 2025, CRSP discontinued the existing stock tape used in many published papers. This transition rewrites 9.62% of monthly returns by more than 1 basis point, primarily due to a change…
Lucas A. Mariani and Bernardo Ricca ♦ We examine how banks reallocate employees following mergers and acquisitions (M&As) and the resulting effects on productivity. Using matched employee–branch data combined with branch-level financial information, we show that M&As expand internal labor…
