We find evidence that investors categorize stocks into a new investment style based on the theme of disruption. We identify disruption style stocks by their extreme return sensitivity to Bitcoin returns during the 2010 to 2019 period. These stocks experience temporary over-valuation and...

The paper investigates whether and how a state's local corruption environment affects firms' financing costs. We find that firms in high-corruption states are associated with significantly higher loan spreads and tighter loan covenants. We use an instrumental variable approach and a...