In a model of mutual fund investor learning about managerial ability, we investigate how investment decisions depend on both past returns and non-return information. We show that non-return information affects investors' reliance on past returns as well as their decision to participate. Our...

This paper investigates how corporate decisions such as the choice of corporate governance mechanisms or information disclosure by management, affect firm stock liquidity. The model studies the interaction between a firm's manager and its shareholders and shows that the quality of the firm's...

In this paper we develop a contingent valuation model for zero-coupon bonds with default. In order to emphasize the role of maturity time and place of the lender's claim in a firm's debt hierarchy, we consider a firm that issues two bonds with different maturities and different seniorage. The...

Attention to the most common firm disclosures, measured as the number of IP addresses accessing them on the SEC's servers, accelerates price discovery. Conversely, attention toward other concurrent filings has the opposite effect. By examining the submenu of reports that each IP address decides...

We propose a precise definition of greenwashing by mutual funds that combines ESG self-labels, sustainability scores of portfolio holdings, and funds' voting behavior. Armed with this definition, we are able to quantify the prevalence of greenwashing in the US mutual fund industry. Although self...

The empirical literature suggests that the limit order book contains information that might be used by the specialist to his own advantage. I develop a model where there is a strategic specialist who competes against a limit order book and has information about supply. The presence of a...