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In this paper, we study the relationship between attention to cryptocurrency and investor reactions to earnings news. In recent years, the capital market witnessed cryptocurrency mania. Because investors have limited attention, we hypothesize that attention to cryptocurrency distracts investor...
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While behavioral interventions are designed to seize attention, little consideration has been given to the costs of doing so. We estimate these costs in the context of a highway safety campaign that displays traffic fatality counts one week each month. We find that this intervention increases...
Persistent link: https://www.econbiz.de/10013251158
I test whether the anticipation of earnings news stimulates acquisition of customer information and mitigates returns to the customer-supplier anomaly documented by Cohen and Frazzini (2008). I find that attention to a firm's publicly disclosed customers increases shortly before the firm...
Persistent link: https://www.econbiz.de/10012972195
We exploit the introduction of a "risks and challenges" (RC) section on the crowdfunding website Kickstarter.com to study the role of disclosure in markets characterized by severe information asymmetries and agency frictions. Although the RC section contains voluntary and unaudited disclosures,...
Persistent link: https://www.econbiz.de/10012916085
Prior research documents capital market benefits of increased investor attention to accounting disclosures and media coverage, however little is known about how investors and markets respond to attention-grabbing events that reveal little nonpublic information. We use daily firm advertising data...
Persistent link: https://www.econbiz.de/10012904684
Recent SEC regulations mandate that hedge fund advisers provide narrative disclosures of their business and operations. We find that 40% of these disclosures contain inconsistencies regarding advisers' regulatory histories, conflicts of interest (COIs), and risks. Inconsistencies are associated...
Persistent link: https://www.econbiz.de/10013239862
We investigate whether unpleasant environmental conditions affect stock market participants' responses to information events. We draw from psychology research to develop a new prediction that weather-induced negative moods reduce market participants' activity levels. Exploiting geographic...
Persistent link: https://www.econbiz.de/10011862309
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In their implementation of Basel III, U.S. bank regulators are again including changes in the fair value of available-for-sale (AFS) debt securities in Tier 1 capital, but only for the largest U.S. banks. This paper investigates a potential impact of expanding this regulation by examining bank...
Persistent link: https://www.econbiz.de/10012941056