The Tax Cut and Jobs Act (TCJA) slashed corporations' median effective tax rates from 31.7% to 20.8%. Nevertheless, 15% of firms experienced an increase. One fifth of firms recorded nonrecurring tax costs or benefits exceeding 3% of total assets. Proxies that existing studies employ to assess...

Managers conducting earnings conference calls display distinctive styles in their word choice. Some CEOs and CFOs routinely use qualifying words such as "approximately", "probably", and "maybe". They are vague talkers. Straight talkers, by contrast, use such words less frequently. Analysts and...

How do market prices adjust towards stability after a shock? Tracking individual stock prices following their dramatic shakeup after Donald Trump's surprise election provides an answer. Prices moved overwhelmingly in the appropriate direction on the first post-election day, albeit much too...

We study the classic divide-and-choose method for equitably allocating divisible goods between two players who are rational, self-interested Bayesian agents. The players have additive private values drawn from common priors. We characterize the structure of optimal divisions in the...