Zhi Li, Qiyuan (Rachel) Peng, and Rui-Zhong (R.Z.) Zhang ♦ Using individual records of about 950,000 financial advisors, we find that the probability and intensity of financial advisor misconduct significantly increase after local newspaper closures. The impact is more pronounced…
Thomas J. Chemmanur, Dongmei Li, Kevin Tseng, and Yu Wang ♦ We analyze the effects of limited investor attention on the stock market reaction to innovation announcements and develop a new measure of patents’ economic value. We hypothesize that, when…
Yue Feng, Amedeo De Cesari, and Konstantinos Stathopoulos ♦ We find that firms enlarge the executive pay gap when executive mobility is constrained by more enforceable non-compete agreements. We interpret this finding as evidence that firms increase tournament incentives to…
George Constantinides, Maurizio Montone, Valerio Potì, and Stella Spilioti ♦ Earlier research finds correlation between sentiment and future economic growth, but disagrees on the channel that explains this result. We shed new light on this issue by exploiting cross-sectional variation…
Cheng Jiang, Kose John, Kyeong Hun Lee, Emma Q. Xu ♦ We construct a measure (fLMA) of the extent to which neighboring firms hire similar types of workers, based on the similarity between the labor profile of a firm and…
Bidisha Chakrabarty, Terrence Hendershott, Samarpan Nawn, and Roberto Pascual ♦ We examine hidden orders usage by algorithmic traders (ATs) and non-ATs. ATs extensively use hidden orders but of smaller size than non-ATs, who are the primary contributors to hidden volume.…
