Publications

We study the informational value of trading networks in over-the-counter (OTC) markets. Using detailed transaction-level data from the …

This paper examines which municipal disclosures provide informational value to investors. Using the entire universe of post-issuance …

An important debate exists around the extent to which retail investors make sustainable investments and, if they do, why. We contribute …

We study how global changes in information acquisition costs affect price informativeness. To provide evidence on this issue, we …

We provide large-sample evidence on whether U.S. publicly traded corporations use voluntary disclosures about their commitments to …

We document significant increases in bond market liquidity around earnings announcements. These increases are attributed to decreased …

The lack of diversity across gender and race of corporate boards has been one of the most significant issues in corporate board …

Using comprehensive data on U.S. corporate bond trades since 2002, we find evidence that retail bond investors overrely on untimely …

Environmental, social and governance (ESG) considerations have dominated the discussion of corporate purpose in recent years. We …

This study examines how an increase in tick size affects algorithmic trading (AT), fundamental information acquisition (FIA), and the …

This paper provides evidence that disclosing corporate bond investors' transaction costs (markups) affects the size of the markups. …

In this study, we investigate whether investors are willing to trade off wealth for societal benefits. We take advantage of unique …