This paper studies the role of technological fundamentals in Initial Coin Offering (ICO) successes and valuations. Using various machine learning methods, we construct four technology indexes for all cryptocurrencies from their ICO whitepapers. We find that the cryptocurrencies with high...

Interest rates have declined dramatically over the past 30 years. At the same time the birth rate has declined, and life expectancy has increased. Demographic changes leading to an older population have been proposed as an explanation for the decline in rates. However, this conjecture is...

Investors allocate attention between competing activities and signals. Existing theories suggest that macro-news announcements crowd out attention to firm-level news, causing greater market underreaction to firm-level earnings announcements. We find the opposite: the sensitivity of announcement...

This paper studies the value of employees' expectations to stock markets, using a novel dataset of one million employee reviews. Employee beliefs about their employers' business prospects predict future returns at one- to five-month horizons, delivering an annualized abnormal return of 7% to 9%....

We construct indices of attention to macroeconomic risks including employment, output growth, and monetary policy. Attention rises around macroeconomic announcements and following changes in fundamentals over quarterly, annual, and business cycle horizons. The effect is asymmetric: Bad news...

This paper investigates the real and financial effects of the largest government intervention in US history, the Troubled Asset Relief Program (TARP), on individual firms. Firms borrowing from banks that participate in TARP increase long-term debt and have more cash holdings and working capital...