Do partisan perceptions influence the way investors price securities? Using novel data on voter registration records of bankers originating large corporate loans, we find a strong partisan effect in loan pricing: Misaligned bankers, i.e., whose party differs from that of the U.S. President,...

Credit spreads significantly change across the credit cycle and many have argued that excessive fluctuations in lender optimism help amplify these patterns. We analyze the role of lenders' personal economic experiences as a mechanism driving such effects between the credit boom in the 2000s and...

We analyze the informational properties of hybrid IPO auctions using a large and unique database of 115,707 bids from institutional investors in 715 auctioned IPOs between 2009 and 2012 in China, where an IPO auction is first conducted among institutions, after which a fixed price offering is...

There is a puzzle that few undervalued firms make repurchase announcements in China despite the value-adding motive of share repurchases. Inspired by the puzzle, this paper explores the market timing effect of the repurchase signaling. We find a positive relationship between the...