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…
Tao Chen, Xi Xiong, and Kunru Zou ♦ Exploring the minimum wage policy discontinuities at county borders, we find that minimum wage hikes induce industrial firms to pollute more and reduce their abatement efforts. State ownership mitigates these negative effects,…
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…
Kayla Marie Freeman ♦ A firm’s role as lender to its customers (via trade credit) is influenced by the firm’s own lenders. With a novel dataset of trade credit between U.S. public companies, I find that firms limit customer credit…
Joseph Chen, Eric Hughson, and Neal Stoughton ♦ We characterize optimal mutual fund risk-taking strategies in competitive multi-period tournaments among multiple players. With multiple competitors, every player begins by taking maximum risk. In the final period, all players continue to…
Eric C. So, Rongfei Wang, and Ran Zhang ♦ Using a unique dataset of firms listed on China’s Shenzhen Stock Exchange, we show that investors’ corporate site visits convey information about future stock returns. Firms with abnormally frequent investor visits predictably outperform firms with…
