We use computer-intensive techniques to study the informational properties of forward-looking disclosures in the MD&A sections of 10-K filings made with the SEC. We find that firms make more forward-looking MD&A disclosures when their stock prices have lower informational efficiency, i.e., when...

In the chapter titled "The Demand for Commodity Options", we develop a simple equilibrium model in which commercial hedgers, i.e., producers and consumers, use commodity options and futures to hedge price and quantity risk. We derive an explicit relationship between expected futures returns and...

“Buy Now, Pay Later” (BNPL) and other forms of consumer credit create a wedge between consumption and payments. We introduce this wedge into a standard consumption-based asset pricing model (CCAPM). In equilibrium, the pricing kernel equals the marginal utility of consumption divided by the...