Using natural disasters as exogenous shocks to the peer-to-peer (P2P) loan market, we document a local increase in loan demand post-disaster. Interest rates and delinquencies from loans approved during this demand shock are similar to pre-event levels. Loans allocated prior to a disaster are...

We examine the effects of broker geography, i.e., the location of a brokerage’s financial advisor workforce, on the geography of retail trading in the stocks that the broker’s analysts cover. We find that retail investors are significantly more likely to trade and own stocks that are covered...

Before the IPO bubble burst, the first day return for IPOs backed by top VCs firms was double that of non-top VCs IPOs. Top VC IPOs were also twice as likely to receive all-star analyst coverage and suffered twice as large negative returns upon lockup expiration. We argue that this was not a...

During periods of high IPO underpricing, unaffiliated all-star analysts from high reputation banks issue fewer strong-buy recommendations while unaffiliated all-star analysts from low reputation banks do not change their level of optimism. In contrast, unaffiliated non-star analysts from both...

type="main" <title type="main">ABSTRACT</title> <p>We demonstrate that time stamps reported in I/B/E/S for analysts’ recommendations released during trading hours are systematically delayed. Using newswire-reported time stamps, we find 30-minute returns of 1.83% (−2.10%) for upgrades (downgrades), but for this subset of...</p>

Purpose To explain and evaluate amendments to the rules of practice governing the US Securities and Exchange Commission’s (SEC’s) Administrative Proceedings that were adopted by the Commission on July 13, 2016. Design/methodology/approach Describes SEC’s increased pursuit of enforcement...