Charlie Xiaowu Cai, Peng Li, and Kevin Keasey ♦ Drawing on cognitive psychology and behavioral theories of pattern recognition and heuristic processing, we offer a new perspective on momentum by highlighting how clear price trends shape investor expectations. Trend clarity…
Peter Cziraki and Adriana Z Robertson ♦ The number of women on public company boards has increased dramatically in recent years. We study where these women directors came from and how they were absorbed. Since 2018, women with board experience…
Daniele Bianchi and Teng Jiao ♦ Sovereign CDS spreads price the credit risk embedded in government borrowing. We ask how macroeconomic fundamentals predict that risk, and whether a linear mapping from fundamentals to spreads is adequate. Across a large panel…
Michael Gelman and Amir Shoham ♦ Most financial advisers have no history of misconduct, yet little is known about how honest advisers respond to misconduct at their firms. In this paper, we show that honest advisers are more likely to…
Zhanbing Xiao ♦ I find that exposed firms address heat challenges by shifting toward more capital-intensive production functions, increasing capital expenditures and R&D expenses, acquiring robotics-related human capital, and developing automation-related technologies. These effects are concentrated among firms facing large…
Tor-Erik Bakke, Laura Casares Field, Hamed Mahmudi, and Aazam Virani ♦ We study the impact of a principles-based regulatory approach to female board representation, requiring firms to disclose a gender diversity policy or explain its absence. Post-regulation, firms respond with…
