Administrative support is instrumental in how firms support, manage, and motivate employees. Yet, our knowledge about this important human capital management factor is limited. Using novel data extracted from employees’ online profiles, we find that administrative intensity, defined as the...

In this paper, we characterize the relative importance of two sources of fundamental market-wide news—large firms’ earnings announcements and macroeconomic releases. Our investigation is motivated by growing concerns in the financial community about the increasing impact of individual...

This paper introduces a new measure of a firm's exposure to systematic distress risk--the probability of a recession at the time of a firm's failure. For stocks in the top quintile of the probability of failure, a median hedge portfolio based on our measure generates a positive risk premium of...