Based on a unique arrangement of trading and disclosure times around earnings announcements in the Chinese stock market, we provide evidence of a striking overnight-intraday disparity in terms of the reaction to earnings news. Specifically, we find that the overnight period exhibits a strong and...

We study whether digital technology streamlines the regulatory process and reduces the costs of complying with regulation. To identify the effect of digital technology on regulatory compliance costs, we leverage a quasi-experimental policy change which mandates the use of an internet-based flow...

Improving financial and health literacy is an important step in reducing economic vulnerability in older age, yet the means by which individuals accumulate these types of human capital remains an open question. This paper evaluates the impact of online search activities on the levels of...

Medicaid provides a critical source of insurance for long-term care, and individuals may strategically offload assets (typically to children) to meet the means-tested eligibility requirement. In this paper, we quantify the extent of such behavior using variation in the penalty for improper...

The family home is the most important asset on household balance sheets, aside from human capital. Choosing a suitable mortgage is therefore critical to financial well-being but households often make costly mistakes. We collect data in an online survey to test borrowers' comfort with, and...