We study whether firms increase share repurchases when their shareholders have short-term preferences. We base our analysis on economic theory that establishes that greater transparency about an agent's action increases the agent's career concerns and short-termism. We use a...

Research suggests certain investors face significant information disadvantages, particularly during earnings announcements. We investigate whether financial analysis on Seeking Alpha, a prominent social media platform hosting original financial analysis, can mitigate this disadvantage. First, we...

We address whether retail investors use SEC filings when making trading decisions. We find that retail investor trading, both buying and selling, is significantly related to EDGAR search for 10-K and 10-Q filings, more so than to Google search. This is true for firms with high or low visibility,...

I examine whether the market's reaction to firms' earnings news varies with analysis (i.e., editorial content) produced by financial journalists. A series of restructuring events at The Wall Street Journal (WSJ) suggests that WSJ articles improve price discovery and increase trading volume at...

We show meetings of investors and firms convey information about expected returns. Investors frequently travel to meet in-person with firms before investing, and we show firms with abnormally frequent meetings predictably outperform firms with abnormally infrequent meetings by roughly 70-to-100...

This study investigates whether firm opacity impacts the investment behaviors and outcomes of retail investors using the fintech brokerage Robinhood (i.e., “RH investors”). We theorize that higher firm opacity leads RH investors to make nonrational investment decisions. The testable...

This study extends the employee stock option literature by examining how the timing of sales of shares acquired at exercise varies with accrual management both before and after the exercise date. We find evidence that accrual management prior to exercise is positively associated with the...

This paper analyzes the impact of both non-systematically inaccurate and systematically inaccurate predictions on the coordination of distributed investment decisions. The predictions of concern pertain to the expected cash outlay necessary to launch and operate an investment project, to the...

Although many studies show that the presence of institutional investors facilitates the incorporation of accounting information into financial markets, the evidence of informed trading by institutions is rather limited in the extant literature. We address these inconsistent findings by proposing...

Most large companies voluntarily disclose information about their corporate social responsibility (CSR) activities. We use experimental markets to examine how managers' disclosures of a particular type of CSR, green investment, affect investors' bidding behavior. We find that, although in our...