We study the emergence of satellite imagery of parking lot traffic across major retailers as a source of alternative data in capital markets. While satellite imagery signals embed timely information for quarterly earnings announcements, stock prices do not incorporate this information prior to...

Many new products (e.g., PDA phones) share features with multiple categories, but are also substantially different from each of these categories. When consumers encounter such a product, they may create a new subcategory (e.g., smart phones) to accommodate it. In such situations, consumers must...