This paper studies how senior women's representation in the workplace leads to positive outcomes. I find that all-star female analysts positively affect the performance of their peers. Specifically, an increase in the number of all-star females in a brokerage spurs the future performance of...

This paper shows that productivity shocks to the 100 largest U.S. firms (by revenue) contain systematic information. Specifically, shocks to the top-100 firms predict future shocks to geographically close firms. Intra-sector trade links are an important economic channel for spillover effects....

This paper shows that equity analysts exhibit in-group favoritism and have less-favorable views about firms headed by out-of-group CEOs. Using gender to identify group, we find that, compared with female analysts, male analysts have lower earnings forecasts and worse stock recommendations for...

We examine whether grit affects individuals' preferences and trading decisions. Grit is the sustained effort toward a goal despite setbacks. It is malleable and distinct from the Big Five personality traits. Using experiments formalized in prospect theory, we find that grit reduces loss...

Investors' sentiment is typically proxied by aggregate measures. However, it is composed of distinguishable elements, including impermanent emotions and subjective appraisals of well-being. We show that experiencing transient happiness is associated with flows to mutual funds in the following...

Following Gabaix (2011), we identify locally-dominant firms that have a strong impact on their local macroeconomic environment, but are not among the largest 100 U.S. firms. Idiosyncratic shocks to these locally-dominant firms also propagate nationally and explain a significant portion of...

Innovations in financial technology have expanded individuals' access to unsecured personal loans. Building on insights from consumer behavior research that link negative emotions to credit-financed consumption, we show that transitory emotion influences households' use of online loans....