When two people coincidentally have something in common (such as a name or birthday), they tend to like each other more and are thus more likely to offer help and comply with requests. This dynamic can have important legal and ethical consequences whenever these incidental similarities give rise...

We explore the possibility that overnight returns can serve as a measure of firm-specific investor sentiment by analyzing whether they exhibit characteristics expected of a sentiment measure. First, we document short-term persistence in overnight returns, consistent with existing evidence of...

We use required 8-K filings around major borrowings to shed light on firms' choices of whether to comply with SEC disclosure rules. We first develop a simple model in which the firm weighs the benefit of obscuring the disclosure of an adverse event, against the cost of failing to comply with a...

We study the role of diversity and performance in entrepreneurial teams. We exploit a unique dataset of MBA students who participated in a required course to propose and start a real micro-business that allows us to examine horizontal diversity (i.e., within the team) as well as vertical...

We study the voting rules to modify, amend, and renegotiate syndicated loan contracts. We base our hypotheses on a model that shows how amendment thresholds can mitigate agency conflicts within the lending syndicate. Consistent with our model predictions, we find that voting rules are more...

We study investors’ demand for climate-related corporate information around a high-level government announcement regarding the transition to a low-carbon economy, using China’s interactive investor platforms, where investors can submit questions directly to firms. Following the announcement...

We study the role of diversity and performance in the entrepreneurial teams. We exploit a unique dataset of MBA students who participated in a required course to propose and start a real micro-business that allows us to examine horizontal diversity (i.e., within the team) as well as vertical...

This review article first highlights some key statistics on diversity in venture capital. In particular, it establishes that the fraction of women in VC and entrepreneurship has remained quite low throughout the past three decades. Even as of 2019, fewer than 15% of new entrants into venture...

We examine whether Governmental Accounting Standards Board (GASB) financial statement disclosure influence local governments' economic decision-making. To do so, we exploit a recent GASB standard that differentially changed the disclosure requirements for pension obligations for county...

Using a hand-collected sample of 1,246 failed acquisition offers from 1979 to 2016, we investigate whether acquisition premiums are driven by the market’s revaluation of the target (the information hypothesis) or potential synergies (the synergy hypothesis). Partitioning the sample into...