We examine the extent to which institutional investors herd in the U.S. corporate bond market and the price impact of their herding behavior. We find that the level of institutional herding in corporate bonds is substantially higher than what is documented for equities, and that sell herding is...

We study the extent to which market participants are informed about firms' political connections when the connections are not publicly disclosed and how it affects pricing efficiency. Using a sample of public announcements of government officials' corruption investigations, we find that, on...

Post-crisis regulations apply stricter liquidity rules to both money market funds (MMFs) and banks, requiring MMFs to do more overnight lending and banks to borrow longer-term. MMFs and banks resolve this dilemma by developing a "bundling" strategy across overnight and longer-term markets. In...

Media dissemination has an important function in facilitating price discovery. Political pressure that restricts media dissemination can hinder this function and affect investors' perceptions. We investigate the magnitude and economic consequences of China's newspaper censorship, which blocks...

This paper studies measures of group deprivation in a multi-dimensional framework where, for each individual and each attribute under consideration, the only information that one uses is whether the individual is deprived in terms of that attribute. We consider two classes of measures; one class...

This paper studies the structure of certain measures of group deprivation in a multi-dimensional framework where, for each individual and each attribute under consideration, the only information that one uses is whether the individual is deprived in terms of that attribute. We first...