Standard economic theory presumes invariant preferences. We refute this presumption on chronobiological grounds, documenting seasonal affective impact on investors' demand for Initial Public Offerings (IPOs). We find that seasonal mood substantially influences short-, mid-, and long-run IPO...

We show that when data are endogenously truncated the widely-used IV fails to render the relationship causal as well as introduces bias into the exogenous covariates. We offer a newly-introduced semiparametric biorthogonal wavelet-based JPEG IV estimator and its associated symmetry preserving...