Although social mood can motivate herding towards new industries, the extent to which regulators cater to social mood may affect that herding. We explore this issue in the context of the nascent cannabis industry by examining herding among the cannabis stocks listed in the US and Canada, where...

This short paper identifies an insidious pattern in the United States (US) pharmaceutical industry: while drug prices are skyrocketing, insurers are perfectly shielding patients from higher costs at the pharmacy checkout, letting patients live in a "bubble" of price insulation. As drug prices...

We analyze, theoretically and empirically, how salience affects the market reaction to innovation announcements. Hypothesizing that equity market investors pay more attention to more salient announcements, we develop a dynamic model with limited investor attention of patent grant and FDA drug...

We explore the link between county-level opioid prescription rates and asset prices, specifically, stock returns of firms headquartered in that county, as well as real estate prices. In order to establish the causal effects of opioid prescription rates on firm stock returns, we first apply an...