This paper examines how imperfect institutional memory affects organizational decisions. In our model, a manager knows his firm's previous actions but (owing, e.g., to turnover) not the rationale for these actions. If the environment is stable, we find that a firm that has followed an old policy...

We document a causal effect of social interactions on investor behavior using the number of local soccer games as a measure of social interaction intensity. Social transmission is identifiable in buy but not sell trades. The effect of Social Interaction Intensity (SII) on the sensitivity of...

We test and compare the effects of introduction of two new financial information technologies, EDGAR and XBRL, on well-known asset pricing anomalies often attributed to mispricing. EDGAR facilitates easier access to public accounting information about public firms; XBRL reduces the cost of...