We find that option returns are significantly lower over nontrading periods, the vast majority of which are weekends. Our evidence suggests that nontrading returns cannot be explained by risk, but are rather the result of widespread and highly persistent option mispricing driven by the incorrect...

We document substantial increases in corporate security offerings since the start of the COVID-19 pandemic. While the rise in seasoned equity offerings (SEOs) is attributable to shifts in macroeconomic conditions, convertible and straight bond offering increases cannot be explained by standard...

We document substantial increases in corporate security offerings since the start of the COVID-19 pandemic. While the rise in seasoned equity offerings (SEOs) is attributable to shifts in macroeconomic conditions, convertible and straight bond offering increases cannot be explained by standard...

This study investigates the effect of underlying risk preferences on analysts' work-related decisions. Specifically, we examine whether facial width-to-height ratio (fWHR), an innate personal characteristic that has been linked to financial risk tolerance, affects analysts' stock coverage...

We show that status-driven behavior is largely determined by how connected a community is. Using a unique dataset on car purchases in Southern California, we show that social influence intensifies in suburban communities in which neighbors are likely to know each other well. The effect of...