We show that social capital has a strong mitigating effect on financial adviser misconduct in the United States. Moreover, advisers who have committed misconduct are also more likely to relocate to counties with a relatively lower level of social capital than that of his previously residing...

Based on 10-K textual analysis, we assemble firm-level offshore sales networks (OSN) and find strong return predictability among industry participants that have overlapping offshore sales activities. This intra-industry return predictability based on offshore sales networks is distinct from that...

We employ a sharp regression discontinuity design to identify the causal effects of investor base disclosure on funding success and post-funding outcomes. Starting from February 2016, Kickstarter discloses backer statistics including geographic locations and previous funding experience of the...

This paper employs the theoretical lens of social capital to examine social distancing behavior during the COVID-19 pandemic. By exploiting daily mobile GPS location data, we provide strong evidence for the diverse effects of the two constituents of social capital, civic norms and social...

Initial coin offerings (ICOs) have emerged as a popular method to raise capital by startups. During the ICO process, issuers release white papers, which serve as the primary offering documents. Unlike traditional corporate disclosures, ICO disclosures are largely unregulated. We hypothesize that...

We develop novel empirical measures of textual comparability that capture key topics of the entire 10-K text and incorporate the effect of economic events. For validation, we show that the likelihood of accounting information users (financial analysts, Internet-search users and corporate boards)...

Human capital is a major impetus for technological innovation. Yet, there is little academic research about voluntary corporate disclosure targeted to labor market participants. Most prior research examines voluntary disclosure to investors and generally reports less disclosure as product market...

We study whether mutual fund managers gain an edge through thematic investment strategies—investing in stocks that may benefit from a particular theme. We use textual analysis of 10-K filings to identify stocks exposed to different semantic themes and measure a mutual fund’s thematic...

We study how the spillover of peer firms’ litigation risk affects a focal firm’s voluntary disclosure. We find that focal firms facing greater litigation risk spillovers reduce disclosure activities by lowering both the likelihood of issuance and the frequency of management earnings...