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.…
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…
Rustam Abuzov ♦ This paper studies the impact of limited attention on investment decisions by venture capitalists (VCs). I find that startups funded by VCs during VCs’ IPO engagements tend to underperform: these startups are 9% less likely to go…
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…
