Many countries use tax-related whistleblowing programs, but the evidence on these programs suggests information provided by whistleblowers yields modest tax collections. However, when every citizen could become a whistleblower, deterrence from tax evasion can by itself increase tax collections....

Firms should disclose information on material cyber-attacks. However, because managers have incentives to withhold negative information, and investors cannot discover most cyber-attacks independently, firms may underreport them. Using data on cyber-attacks that firms voluntarily disclosed, and...

This paper analyzes the interaction between investor overconfidence, share turnover, return volatility and the disposition effect. I create a measure for investor overconfidence using posted price target updates retrieved from Yahoo!Finance online message boards. I find that posters are slow to...

This paper tests the idea that arbitrageurs use public announcements as a synchronizing signal. I find that firms publicly identified by hedge fund managers as being overvalued underperform their respective benchmarks by 324 to 376 basis points per month, during the 24 months subsequent to the...

This paper studies the effect of perceived manager trustworthiness on hedge fund investment. Controlling for past-performance, we find that hedge fund managers whose photographs are rated as more trustworthy are able to attract greater fund flows, in the medium performance range, and have a...