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...

To maximize firm value managers must efficiently invest new capital. This paper examines whether analyst coverage impacts a firm's investment efficiency. Using broker mergers and closures as exogenous shocks to the number of analysts covering a firm we find that firm investment efficiency...

Building on dynamic collusion theories, we predict that firms with less concentrated upstream or downstream industries have lower systematic risk because their supply chain partners tend to compete more aggressively during recessions, absorbing more of the adverse effect of aggregate shocks....