We propose an employee sentiment index, which complements investor sentiment and manager sentiment indices, and find that high employee sentiment predicts a subsequent low market return, significant both in- and out-of-sample. The predictability of the employee sentiment index can also deliver...

In this paper, we investigate whether the “lotto investor” can benefit from the time-varying skewness of market portfolio and how to capture the gain using skew timing strategies. We find that empirically applying the mean-variance-skewness (M-V-S) rule of Mitton and Vorkink (2007) generates...

The price of a single-family house can be viewed as the bundle of the land price, and the replacement/construction cost of the structure, adjusted for depreciation. Given the difficulty in obtaining accurate estimates of each of the elements, previous researches estimate land price as the...

While the world went through rapid urbanization in the last half century, house prices in many densely populated metropolitan regions are becoming increasingly unaffordable. As a result, many families turn to rental housing. However, the high rents in some markets also place significant burdens...

In the summer of 2006, U.S. national home price peaked, and simultaneously the U.S. home ownership rate also reached its highest level in history. Ever since then, the U.S. home ownership rate has shown steady decline, as some households are foreclosed out of their homes, and some households are...

Problem Definition: Many firms have recently allowed consumer engagement in their sustainable packaging program, where consumers can contribute to reducing the environmental impact via packaging-free purchase. In this paper, we develop a stylized model to study the impacts of consumer engagement...

We study the optimal information disclosure policy in a two-player all-pay auction contest with one-sided asymmetric information in both simultaneous move setup and sequential move setup. The designer can pre-commit to a signal device that generates a type-dependent distribution, signaling the...