Relying on a large and unique dataset on the cash withdrawals of over 165 million bank cards from China, we find that the existence of a larger number of cash withdrawals late at night is associated with more criminal activity. The effect is stronger for those crimes that are more involved in...

The underrepresentation of females on corporate boards is an important ethical issue that raises serious concerns about gender equality in senior management teams. Relying on a large sample of public firms from the Chinese market, we examine how social trust affects female board representation....

We study how investor sentiment affects stock prices around the world. Relying on households' Google search behavior, we construct a weekly measure of sentiment for 38 countries during the 2004–2014 period. We validate the sentiment index in tests using sports outcomes and show that the...

DeVault, Sias, and Starks (2019) find a positive relation between institutional investors’ net buying of risky stocks and the contemporaneous change in market sentiment. They interpret this as evidence that institutional investors are sentiment traders, whose demand shocks drive prices from...