Despite the widespread use of graphs in empirical research, little is known about readers' ability to process the statistical information they are meant to convey ("visual inference"). We study visual inference within the context of regression discontinuity (RD) designs by measuring how...

Online peer-to-peer (P2P) lending has empowered individual lenders to make investment decisions anytime and anywhere. However, there is scant research effort on exploring the time of day effect and further time-ITs relationship in the crowdfunding literature. Drawing on ego depletion theory,...

I investigate influences of unemployment insurance benefits on the cost of bank loans by exploiting changes in state unemployment insurance laws as a source of variation in labor unemployment costs. The evidence shows that the cost of bank loans is significantly lower for firms headquartered in...

Identification in a regression discontinuity (RD) design hinges on the discontinuity in the probability of treatment when a covariate (assignment variable) exceeds a known threshold. If the assignment variable is measured with error, however, the discontinuity in the first stage relationship...

Traditionally stationarity refers to shift invariance of the distribution of a stochastic process. In this paper, we rediscover stationarity as a path property instead of a distributional property. More precisely, we characterize a set of paths denoted as A, which corresponds to the notion of...

We show theoretically and empirically (using a unique dataset of corporate Twitter activity) that corporate decisions to attract attention via social media increase market valuations and decrease the cost of capital. However, these benefits are not available equally to all firms. Adoption of...

We investigate the influences of local product market competition on the cost of private debt. Our evidence suggests that the cost of bank loans is significantly higher for firms headquartered in states with greater local product market competition measured by the Herfindahl-Hirschman Index for...

Despite the widespread use of graphs in empirical research, little is known about readers' ability to process the statistical information they are meant to convey ("visual inference"). We study visual inference within the context of regression discontinuity (RD) designs by measuring how...