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…
Veljko Fotak, Hye Seung (Grace) Lee, William L. Megginson, and Jesus M. Salas ♦ We investigate whether firm-level political connections affect the allocation of exemptions from tariffs imposed on $550 billion of Chinese goods imported to the United States annually…
Vivian W. Fang, Joshua Madsen, and Xinyuan Shao ♦ This paper studies the market microstructure implications of uninformed trading volume. We capture uninformed volume using spikes in retail trading triggered by weekly advertisements in the Wall Street Journal that are largely…
Christian Andres, Dmitry Bazhutov, Douglas Cumming, Gerrit Köchling, and Peter Limbach ♦ We show that productivity at both the firm and employee (i.e., analyst and inventor) level temporarily declines upon announcements of takeover rumors that do not materialize. Such speculative…
