U.S. President Donald Trump tweets frequently to communicate his thoughts to the public. We quantitatively evaluate the impact of Trump's China-related tweets on the Chinese stock market. We find that following Trump's inauguration, his tweets with a positive sentiment significantly increase...

We provide a theory to investigate the implications of time-varying bailout policy for rational bubbles in an infinite-horizon production economy. In particular, we ask two questions. First, should the government bail out asset bubbles? Second, if yes, how? In our model, entrepreneurs face...

Prior studies find an insignificantly association between differences of opinion (DO) before earnings announcements (EAs) and the returns around the EAs and thereby reject the resale option theory that DO drives overpricing. We posit two issues that may lead to their conclusion to be one-sided....