Surveys in both psychology and economics (Beutel and Marini 1995; Schwartz and Rubel 2005; Adams and Funk 2012) indicate that women relative to men tend to score higher on values related to community and compassion, and score lower on materialism. There is also evidence suggesting women’s prosocial...

We study whether and how gender differences in performance under competition vary across countries using field evidence. Our main measure of country-level differences is the individualism dimension in Hofstede’s (1980, 2001) national cultural framework. Individualistic societies emphasize...

We make a novel use of U.S. index dividend futures contracts from 2010-2019 to study the effects of monetary policy shocks on dividend growth expectations over different horizons. We find that a tightening forward guidance shock increases (decreases) growth expectations by 0.15%-0.31%...

This study investigates the impact of investor sentiment on excess equity return forecasting. A high (low) investor sentiment may weaken the connection between fundamental economic (behavioral-based non-fundamental) predictors and market returns. We find that although fundamental variables can...

We study the joint determinants of stock and bond returns in a long-run risks model framework with regime shifts in consumption and inflation dynamics. In particular, the means, volatilities, and the correlation structure between consumption growth and inflation are regime-dependent. This...

We document that leased capital accounts for over 30% of the total productive physical assets used by US public firms. We develop an analytical framework to show how ignoring this important proportion generates an overestimation of productivity. Such overestimation can be decomposed into two...

This paper argues that leasing, as an important but often ignored source of external financing, facilitates the allocation efficiency of finance. We document a large overestimation of measured finance misallocation (Whited and Zhao, 2021) when lease-induced debt is ignored among US manufacturing...

We construct various measures of firm-level climate risk exposure by utilizing two natural language processing techniques (LDA and word2vec) on firms‘ quarterly earnings conference call transcripts. The unsupervised learning method automatically generates five topics, all aligned with popular...