We measure herding of trading activities by regressing individual order imbalances on market wide, industry wide, and dealer wide order imbalances. We find that stocks whose trading activities herd more have higher sensitivity of their returns to order imbalances. Investors demand compensations...

While firms commonly benchmark corporate financial policies against industry peers, empirically, some firms consistently deviate to pursue “rogue” policies with either a conservative or an aggressive bias. Using a panel of large U.S. firms between 1975 and 2008, we study the incidence, joint...

Market lore recounts a host of fabled asset price bubbles: the Dutch tulip bubble of the 1630s, the South Sea and Mississippi bubbles of 1720, the dot-com bubble of the late 1990s, and the global real estate bubble of the mid-2000s. One survey reported the occurrence of some 60 bubbles since the...