Fabio Braggion, Rik Frehen, and Emiel Jerphanion ♦ This paper studies the relation between credit provision and stock trading behavior. We collect every stock transaction of three major British companies during the 1720 South Sea Bubble and link stock trading…
Amit Goyal, Sunil Wahal, and M. Deniz Yavuz ♦ Investment managers connected to plan sponsors are more likely to be hired than not-connected managers. The magnitude of the selection effect is comparable to that of prior performance. Ex post, connections…
Kentaro Asai, Thao Hoang, and Takeshi Yamada ♦ Due to the government-driven mergers of large banks, many competing firms in Japan ended up borrowing from a common lender. Using firm-level data, we find that capital investments of competing firms that…
Gianpaolo Parise ♦ I propose a novel measure to identify family firms based on the number of family links between high-ranking co-workers. Leveraging this measure, I reexamine previous findings in the literature and derive four novel facts: (i) Measures of…
Jacob Raleigh ♦ I study whether the Dodd–Frank whistleblower program reduced informed trading by corporate insiders. To identify the effect, I partition firms based on the extent to which this program affected the likelihood of whistleblowing at each firm. I…
Anthony W. Lynch and Oliver Randall ♦ We find that the Campbell-Cochrane external-habit model can generate a value premium if the persistence of the consumption surplus is sufficiently low. Such low persistence is supported by micro evidence on consumption. If…
