Using the setting of extreme mutual fund flow-driven trading pressure, this paper examines sell-side analysts' role in stabilizing capital markets. We find that a select group of analysts persistently issue price-correcting recommendation changes for stocks experiencing mutual fund flow-driven...

This paper investigates how transportation networks shape firms' geographic footprint byreducing information asymmetry associated with distant investments. Exploiting the staggeredexpansions of China's passenger high-speed rail (HSR) network, we document that the amountof intercity investment...

This paper studies the effects of international coordination failure on resource allocations. Employing the U.S. withdrawal from the 2015 Paris Agreement as an experiment, we find that U.S. polluting firms increase their emissions and receive bank financing at lower costs after the sudden...

We conduct a randomized field experiment (RFE) to assess whether startup firms perceive accounting expertise as an important investor credential. We send 13,358 unsolicited and unique emails to active startup firms across the US, showing an interest in them with a proposition to meet a bogus...

Institutional investors located in cities with social norms friendlier towards the environment (“green” cities) are sensitive to corporate environmental practices. Their portfolios are tilted away from stocks exhibiting negative environmental practices, particularly those headquartered in...