Using aggregated facility-level toxic release data, we estimate the relation of pollution and short interest in the US between 1987 and 2017. Our findings suggest that short interest is significantly higher in polluting firms’ stocks, and that this relation is not an artifact of economic...

We find that analysts who frequently revise their stock recommendations outperform those who do not. This result holds for portfolios formed on the basis of favorable changes in recommendations as well as unfavorable changes. The frequency of revision captures information incremental to factors...

We investigate the intertemporal relation between information asymmetry and equity issues, and particularly focus on which firms drive this relation. We find that when information asymmetry for a particular firm is low compared to the recent past, the firm is more likely to issue equity as...