This paper provides evidence on public firms' initial 8-K disclosures that mention Blockchain and investors' response to these disclosures. We categorize the description of Blockchain activities in firms' 8-Ks as Speculative (e.g., a vague future plan that involves Blockchain) or Existing (e.g.,...

Compared with stocks, bonds are more directly affected by fluctuations in oil prices through the expected inflation component in nominal bond yields. Surprisingly, prior literature finds little predictive power of oil price changes on bond excess returns. This finding is counter intuitive,...

This study collected 274 soil samples and 188 soil-crop paired samples in moderately Cd contaminated farmland dominated by vegetables in suburbs of Yangtze River Delta. In addition, this study conducted field trials of soil amendment and cultivar selection using Luhao as the target crop. The...

Mutual fund flows are negatively related to fund performance more than about five years prior. This finding holds for both institutional and retail share classes, and across fund style categories. We develop and test the investor disappointment hypothesis, which holds that those who forecast...

Using a comprehensive database of corporate news, we find that bond funds trade against the direction of news sentiment. The trading against news phenomenon is concentrated in funds selling on positive news and in the post-financial crisis period when dealer liquidity provision is constrained....

This paper measures the time-varying provision of liquidity by buy-side customers (e.g., mutual funds and pension funds), relative to bond dealers, in corporate bond markets using a structural vector autoregression (SVAR) model. As indicated by my simple theory model, shocks to the relative...

In our approach, the conditional expectation of asset return quantities, under the real-world probability measure, can be expressed as a linear combination of the prices of the risk-free bond, the asset, and options on the asset. The method is free of distributional assumptions, and we use it to...

This paper proposes an approach that associates the risk-neutral probability measure with option prices and then computes the expectation of quantities under the real world probability measure, exploiting the form of the stochastic discount factor. This approach deviates from foundational...