We employ a sharp regression discontinuity design to identify the causal effects of investor base disclosure on funding success and post-funding outcomes. Starting from February 2016, Kickstarter discloses backer statistics including geographic locations and previous funding experience of the...

We develop novel empirical measures of textual comparability that capture key topics of the entire 10-K text and incorporate the effect of economic events. For validation, we show that the likelihood of accounting information users (financial analysts, Internet-search users and corporate boards)...

We study whether mutual fund managers gain an edge through thematic investment strategies—investing in stocks that may benefit from a particular theme. We use textual analysis of 10-K filings to identify stocks exposed to different semantic themes and measure a mutual fund’s thematic...

A significant portion of information shared in earnings calls is conveyed through verbal communication by corporate managers. However, quantifying the extent of new information provided by managers poses challenges due to the unstructured nature of human language and the difficulty in gauging...

We introduce a novel measure to study the relationship between portfolio concentration in vertically related firms and the performance of actively managed U.S. mutual funds. We find a strong positive relationship between our supply chain concentration measure and fund performance. While funds'...

In this paper, we use an analyst’s coverage portfolio as the unit of analysis and argue that the linkage among the portfolio firms can provide useful information for analyst forecasts at the portfolio level. In particular, the geographic overlap in the portfolio firms’ global sales network...

The US Migration Fear Index fluctuated substantially during 2009-2021, especially during the campaign and early administration of President Trump. During quarters of low anxiety, minorities are 2.4% less likely to achieve their crowd-funding goals than white creators on Kickstarter. This funding...