Individual environmental variables may contain information that is obscured in aggregate environmental scores when forecasting future stock returns. We apply machinelearning methods to granular environmental variables and show that a long-short portfolio that longs stocks with high forecasted...

Individual environmental variables may contain information obscured in aggregate environmental scores for return forecasting. We apply machine learning methods to granular environmental variables and find that a long-short portfolio that longs stocks with high forecasted returns and sells stocks...

Research on information economics and securities markets dating back to Stigler (Journal of Political Economy, 69 (1961), 213-225; Journal of Business, 37 (1964), 117-142) argues that trading will tend to centralize in major market centers such as the New York Stock Exchange (NYSE). The NYSE's...

Sponsors of defined contribution retirement plans typically limit the investment choices of plan participants to a small number of investment managers and a limited number of investment vehicles. Such restrictions may limit excessive risk-taking by participants but also may preclude...

Purpose – Barry and Brown find that returns are higher for securities that have been listed for shorter periods of time after controlling for firm size and a January effect. The purpose of this paper is to examine the robustness of this period of listing effect and test for a post‐listing...

After forty years of school consolidation, the preponderance of the evidence, including the results presented in this paper, suggest that the race to reap returns to scale and specialization in education may have come at a high price. This paper uses newly available STAR test score data from...

This paper finds that the majority of stock price movements remain unexplained after controlling for both public and private information. This suggests that economists' inability to explain asset price movements is the result of either noise or naive asset pricing models.