Po-Hsuan Hsu, Kyungran Lee, S. Katie Moon, and Seungjoon Oh ♦ We document significant increases in the suspension of ongoing drug projects following the passage of the Food and Drug Administration Amendments Act of 2007 (FDAAA), which mandates that pharmaceutical…
Jun Aoyagi ♦ The dissemination of public information regarding an asset’s fundamental value can encourage acquisition of private information by informed traders, leading to a crowding-in effect. Competing with the crowding-out effect analyzed in prior research, the crowding-in effect shapes…
Christian Kubitza ♦ Financial losses can have persistent effects on the financial system. This paper proposes an empirical measure for the duration of these effects, Spillover Persistence. I document that Spillover Persistence is strongly correlated with financial conditions; during banking crises,…
K. J. Martijn Cremers, Simone M. Sepe, Michal Zator, and Lubomir P. Litov ♦ Poison pills are among the most powerful antitakeover provisions, but studying their economic impact is challenging because of endogeneity concerns. We address the problem by studying…
Christopher A. Parsons, Johan Sulaeman, and Sheridan Titman ♦ We find that a corrupt local environment amplifies the effects of financial distress. Following regional spikes in financial misconduct, credit becomes more difficult to obtain for local borrowers—even those not implicated…
Sudheer Chava, Fred Hu, and Nikhil Paradkar ♦ We proxy retail investor attention through Google Trends and find that fungible and non-fungible crypto tokens generate greater attention from high–gambling propensity regions. Crypto attention is higher during bubble-like episodes in the…
