Closed-End Fund (CEF) discounts have intrigued researchers for decades. Of the many explanations offered, the behavioural framework of Lee <italic>et al</italic>. (1991), which posits noise traders subject to sentiment, is the most discussed. In this article, we contribute some novel evidence to the evaluation...

This paper measures the responsiveness of a public agency to changes in public opinion. In particular, it shows that the number of compulsory directives issued by the Federal Aviation Administration to the airline industry (a) rises following an increase in public concern over aviation safety,...