We study the effect of official statement textual complexity on municipal borrowing costs (yield) through the clientele channel. Theoretically, complexity reduces signal quality for unsophisticated investors, potentially increasing yield. We provide causal evidence of an economically significant...

The Securities and Exchange Commission's investigative process remains opaque and challenging to study due to limited observability. Leveraging de-identified smartphone geolocation data, we provide new insights into the SEC's monitoring practices by tracking SEC-associated devices that visit...

Leveraging the unique context of New York City taxi rides, we estimate that passengers are 25 to 30 percentage points more likely to tip a suggested amount when presented an integer tip suggestion. By combining our empirical results with a behavioral model, we find that our results are...