Using direct investor attention proxies, we show that constrained investors follow a pecking order in allocating attention. While retail investors are attentive to both macroeconomic news and individual firms' earnings announcements, macroeconomic news crowds out attention to earnings by 28.8%....

In order to analyze firm value, investment analysts require information on potential losses from contingent liabilities such as litigation damages. However, revelation of the firm's private estimates of the probability of loss and possible legal damages can be detrimental to the firm by...

Investment analysts require information on potential losses from contingent liabilities such as litigation expenses. However, revelation of the firm's private estimates of the probability of loss and possible legal damages can be detrimental to the firm by encouraging litigation and increasing...

In contrast to the literature involving U.S. bank lending domestically to U.S. firms, we find that affiliated U.S. banks' mutual funds do not increase their holdings of equity in non-U.S. borrowing firms around new loan initiations. Mutual funds affiliated with lending banks have less equity...