The effects of prior positive or negative stimuli (contrast effects) have not been extensively studied in a financial context. This study develops an experimental design to examine whether contrast effects distort the risk attitudes of individuals under a choice-based elicitation procedure. We...

I construct a novel network of labor market peers that is denser and more centralized compared to product and capital market networks. Using my labor market network, I provide robust evidence that focal firms spend more on R&D and suffer more talent outflows when their labor market peers...

This study uses a novel agent-based computer model to examine how networks influence the emergence of multiple goods as media of exchange in a decentralized economy. This model implements the evolutionary process of the Kiyotaki-Wright (KW) model (1989), which explains the endogenous emergence...

Exploiting a novel measure of proprietary information disclosure, this study shows that firms respond to their peer firms’ disclosure of proprietary information. I find that firms increase their voluntary disclosures and their liquidity improves in response to a peer firm's disclosure of...

This study shows that firms respond to their product-market peers’ decisions of redacting information using a large sample of confidential treatment orders that are mandatorily filed to redact information. I find evidence that firms increase their confidential treatment orders, but not other...

This study documents simple trading strategies that predict stock returns using the sentiment information of labor market related news articles. I identify the average sentiment scores of labor market related news articles of each firm daily and use them to predict stock returns. Unlike the...