The security lending market allows institutional investors, such as insurance companies, to lend out their holding assets in exchange for cash collateral, an important but understudied source of funding to conduct off-balance sheet transactions. Since these lenders are also primary investors of...

We study the degree of information substitutability in the financial market. Exploiting the cross-sectional and time-series variations of the pandemic-triggered lockdowns that have hampered people's physical interactions hence the ability to collect, process, and transmit soft information, we...