Tania Babina, Paige Ouimet, and Rebecca Zarutskie ♦ How does access to public equity markets affect the human capital of IPO filing firms? While IPO filing firms have high average wages and limited industrial diversification, a successful IPO increases departures of high-wage…
Shuai Fang, Xiaolong Liu, and Arno J. Van der Vlist ♦ We examine whether the heterogeneity of expectations is associated with idiosyncratic variations in experience. Combining household survey data and market administrative data from the Netherlands, we find that given…
Sattar Mansi, Lin Peng, Jianping Qi, and Han Shi ♦ We identify a new mechanism of opportunistic insider trading linked to attention-driven mispricing. Insiders are more likely to sell their company’s stock during periods of heightened retail attention and more…
John Ammer, John Rogers, Gang Wang, and Yang Yu ♦ We study how professional fund managers’ growth expectations affect their equity investments and the consequent effects on prices. Using novel data on China’s mutual fund managers’ growth expectations, we show…
Bo Bian, Jean-Marie Meier, and Ting Xu ♦ We identify strong cross-border property rights as a driver for the globalization of innovation. Using 67 million patents from over 100 patent offices, we construct novel measures of the three stages of…
Craig Burnside, Mario Cerrato, and Zhekai Zhang ♦ We propose a novel pricing factor for currency returns motivated by the market-microstructure literature. Our factor aggregates order flow data to provide a measure of buying and selling pressure related to conventional…
