Fariborz Moshirian, Peter Pham, and Jenny Jihyun Tak ♦ Using US mutual funds’ international voting records, we investigate whether proximity to firm operations promotes active monitoring by foreign investors. To identify monitoring effects, we exploit variations in proximity arising from…
Ganesh Viswanath-Natraj, Angelo Ranaldo, and Junxuan Wang ♦ We conduct the first comprehensive study of blockchain currencies—stablecoins pegged to fiat currencies and traded on decentralized exchanges. Using transaction-level data linked to wallet characteristics, we show that prices in these markets…
Quentin Dupont and Kayla Marie Freeman ♦ We study how trust in cultural institutions affects cooperation between firms, employing local religious scandals for identification. We focus on trade credit as a trust-intensive aspect of supply chain relationships. In a triple-difference…
René M. Stulz, James Tompkins, Rohan Williamson, and Zhongxia (Shelly) Ye ♦ While the Dodd-Frank Act (DFA) mandates board risk committees for large banks, we argue that such committees do not benefit all banks. Banks forced by the DFA to…
Warm congratulations to Joan Farre-Mensa, Roni Michaely, and Martin Schmalz, winners of the 2025 William F. Sharpe Award for Scholarship in Financial Research, for their article Financing Payouts Vol. 60, No. 4, pp. 1586–1624
Hua Cheng, Steve Liu, Zheng Qiao, and Jay Wang ♦ In contrast to the lazy prices phenomenon (Cohen, Malloy, and Nguyen (2020)) in the stock market, more 10-K textual changes lead to larger increases in volatility smirks—consistent with options traders…
