This study investigates whether analysts strategically construct their portfolios along the supply chain. We document four major findings. First, the likelihood of an analyst following a firm's major customer increases with the strength of the economic tie along the supply chain, as measured by...

We present a general framework to study the design of spare parts logistics in the presence of 3D printing technology. We consider multiple parts facing stochastic demands, and adopt procure/manufacture-to-stock versus print-on-demand to highlight the main difference of production modes featured...

We study the market impact of a very successful financial innovation – the SPDR Gold Trust exchange-traded fund (GLD). GLD holds physical gold, and provides traders with a convenient and cost-effective way to gain exposure to gold. We find that after the introduction of GLD, the liquidity of...

This paper studies the differential impacts of the 2008 financial crisis on the financing policies and real activities of firms with flexible labor contracts and those with binding labor contracts. We find that flexible-contract firms significantly reduced their labor costs during the crisis,...

We investigate the externality influence of credit default swap (CDS) trading on management forecasting activity when the reference entity of the CDS is the firm's customer. We find that firms which derive a greater proportion of their revenue from CDS-referenced customers tend to reduce the...

Despite the fact that China has become the second largest economy in the world, its monetary policy is yet to be understood by the outside observers. In this paper we estimate the policy preferences of China's central bank by confronting a small-scale microfounded New Keynesian DSGE model in...

Arguments that worker unionization leads to changes in productivity, employment, or business survival find little support in the literature. While unionization may have limited impact in good states, unionized workers are entitled to special treatment in bankruptcy court. This shift in...

We document that the likelihood of an analyst following a supplier-customer firm pair increases with the strength of the economic ties along the supply chain, as measured by the percent of the supplier's sales to the customer. Analysts who follow a covered firm's customer provide more accurate...