We run a field experiment to quantify the economic returns to data and informational ex-ternalities associated with algorithmic recommendation relative to human curation in the context of online news. Our results show that personalized recommendation can outperform human curation in terms of...

Prior research finds expected returns decrease in firm-level total asset growth. This study shows that external growth, measured as asset growth raised from capital markets, has stronger power than total asset growth predicting the cross section of average returns. External growth subsumes the...

This paper studies the asset pricing implications of technology spillover, an important externality in innovation. While technology spillover enables firms to produce a variety of products that better satisfy their customers' love for variety, such benefits are procyclical, and investors...

This paper investigates the psychological effects from stock market returns. Using a FBIdatabase of over 55 million daily reported crime incidents across the United States, crime isproposed as a measure of psychological well-being. The evidence suggests that stock returnsaffect not only the...

Net external financing predicts cross-sectional returns in a large sample of firms drawn from 38 non-U.S. countries. In contrast, the proportion of net equity issues in total net financing, often used to measure the extent of managerial market timing, does not. With a strong cross-firm...