Job rotation denotes employees' lateral transfers between jobs within the same firm (Campion et al., 1994). This study is the first that tests empirically Ortega's (2001) employer learning argument, i.e., the employer learns about the employee if the latter rotates jobs. Consistent with his...

The paper provides empirical evidence how promotion incentives and performance pay are related to nonverifiable human capital acquisition contingent on its grade of firm specificity. Consistent with Prendergast (1993), I document that promotion incentives are positively related to nonverifiable...

In this letter, I exploit the high fraction of retail investors in the early years of the Bitcoin and the introduction of margin trading and short selling by the Bitcoin Exchange Kraken to apply a difference-in-differences approach with four other comparable Bitcoin exchanges to infer causality....

We aim to answer if superior performance by short sellers’ is generated by processing public information rather than by exploiting private information. To achieve this, we analyze if short sellers with healthcare expertise outperform in short selling of non-healthcare stocks compared to those...

We analyze the sentiment of emojis separately to the plain text-expressed sentiment in Reddit posts about meme stocks such as Gamestop during the Covid-19 pandemic. We document that a one-standard deviation change in emoji sentiment magnitude measured as the quantity of positive emoji sentiment...

We apply the idea that managers of acquiring firms intend to entrench themselves through M&A in the sense of Shleifer and Vishny's (1989) entrenchment strategy through manager-specific investments. We propose that these managers implement bidder termination fee provisions in M&A contracts to...

We aim to answer whether retail investors have a stabilizing effect on stock prices during times of financial markets turmoil. To achieve this, we examine the liquidity and crash risk of stocks that are likely held by Robinhood traders (i.e., our proxy for retail investors) using the COVID-19...

We explore how coworking spaces are involved in the entrepreneurial ecosystem of start-ups contingent on the lifecycle stage of the firm and the coworking space market itself. Our study is based on a hand-collected detailed sample of coworking spaces in the seven largest regions in Germany. We...

I apply a novel approach to identify true rumors by using a United Kingdom regulation called “City Code on Takeovers and Mergers”. This very strict and fully enforced regulation forces firms which are mentioned in a takeover rumor to make a public statement on the truthfulness of the rumor...