We present a new approach for content analysis to quantify document tone. We find a significant relation between our measure of the tone of 10-Ks and market reaction for both negative and positive words. We also find that the appropriate choice of term weighting in content analysis is at least...

A widespread belief is that the traditional brick-and-mortar K--12 education system in the US is broken. The private sector, specifically education technology (EdTech) companies, have stepped in to try to help. In this paper, we study DonorsChoose, a nonprofit that works to improve the...

We construct a comprehensive dataset of 3,890 analyst days, which are firm-hosted gatherings where information is disclosed to equity analysts and institutional investors. We demonstrate that firms holding these events have significantly higher abnormal returns after these events, despite the...

We investigate the time variability of abnormal returns from socially responsible investing (SRI). Using portfolio regressions and event studies on multiple data sources including analyst ratings, firm announcements and realized incidents, we consistently find that "good" stocks significantly...

We conduct a systematic examination of the returns to initial coin offerings (ICOs) throughout the hype cycle using hand-compiled data on all trading ICOs from 2014 to 2019. We demonstrate that ICOs persistently outperform non-ICO cryptocurrencies during both the market boom and crash. We then...

We construct an event-based outcome measure of firm-level environmental, social, and governance (ESG) impact for public and private firms globally from 2007 to 2015 using data from RepRisk. Then, we measure the societal impact of corporate social responsibility (CSR) engagements using...

Using a structural market microstructure model, we develop a new measure of price informativeness that utilizes data on both price and volume, which we call the INF measure. We show that, compared to traditional measures, our measure is better at capturing information in prices, evidenced by...

Using a multi-tier mapping of supply chain relationships constructed from granular global, firm-to-firm supplier--customer linkages data, we quantify the degree of financial risk propagation from the supply network beyond firms' direct supply chain connections and isolate structural network...

Problem Definition: Education technology innovations such as Massive Open Online Courses (MOOCs) platforms could potentially enable a more inclusive learning environment by delivering education to traditionally-disadvantaged learners such as women. However, inclusivity does not necessarily...

Policy makers in many developing countries use maximum price or markup policies to control pharmaceutical costs, which represent 20--60% of their overall healthcare expenditure. We study the price effect of price ceiling policies by exploiting a major policy shift in China: the elimination of...