Jin Xu, Pengfei Ye, and Cheng Zhang ♦ We document firms often determine CEO equity grants based on a predetermined dollar value (value-based equity grant) instead of on the number of shares (share-based grant). Value-based equity grants weaken the relationship…
Stefano Pegoraro and Mattia Montagna ♦ We show non-financial corporations changed the quantity and composition of their bond issues in response to the European Central Bank’s corporate quantitative easing program. Eligible issuers shifted toward bonds meeting the program’s eligibility requirements.…
Audra Boone, William Grieser, Rachel Li, and Parth Venkat ♦ We document that firms with greater product similarity to their peers exhibit lower rates of financial fraud. We show that peer similarity is associated with better information environments, which is…
Christian Fieberg, Gerrit Liedtke, Thorsten Poddig, Thomas Walker, and Adam Zaremba ♦ We propose CTREND, a new trend factor for cryptocurrency returns, which aggregates price and volume information across different time horizons. Using data on more than 3,000 coins, we employ machine learning…
Jesse A. Ellis, David G. Kenchington, Jared D. Smith, and Roger M. White ♦ The growing popularity of home-sharing platforms such as Airbnb, partly fueled by hosts’ ability to evade local taxes and regulations, has been shown to elevate housing…
Felix von Meyerinck, Vesa Pursiainen, and Markus Schmid ♦ We study the role of competition in customers’ reactions to litigation against firms, using anonymized mobile phone location data. A class action lawsuit filing is followed by a 4% average reduction…
