What motivates ESG integration? I find both non-pecuniary and risk-mitigating preferences explain its prominence. Using widely endorsed ESG ratings, I show each preference induces sizable ESG equity premium identified through option-implied expected returns. Due to unexpectedly persistent demand...

We review the scant academic literature on the use of leverage in institutional private equity real estate (PERE) investments and summarize a number of stylized facts. The bulk of available evidence supports the view that leverage, as used by high-risk PERE funds, does not adequately compensate...

This study finds that the requirement of ASC 842 for firms to capitalize operating leases in financial statements beginning in 2019 resulted in firms affected by the standard reducing existing debt amounts on average between 7% and 10% relative to unaffected firms. We also find that firms with...

This study uses passage of the Dodd-Frank Act as a setting to examine whether changes in legal liability exposure faced by credit rating agencies affect the number of financial statement information signals required before rating changes. For upgrades, we predict and find that the greater legal...

We coin the term credit market fluidity to describe the intensity of credit reallocation, whose properties and implications we study within the commercial loan market in France over the period 1998 through 2018. We base our analysis on credit register data and thus provide a more complete...

Traditionally, e-commerce marketplaces have enabled third-party sellers to sell to potential consumers and have earned commission from the sales. In recent years, e-commerce platforms have begun to leverage private label and sponsored advertising to generate additional revenue. This raises the...

There is a growing interest in the industry around 3D printing. A related phenomenon is personal fabrication (PF) in which a firm sells products' design and lets the customers personalize and manufacture the product using 3D printing services. In this paper, we characterize the market and...

Soda taxes are an increasingly popular policy tool, used to discourage purchases of sugar-sweetened beverages. This study analyzes how marketing conduct and its effectiveness might change after soda tax introductions. Prior studies on the effect of soda taxes focus on price increases but neglect...

We study competition and collaboration between a bank and a shadow bank that lend in the same market plagued by adverse selection. The bank has cheaper funding, whereas the shadow bank is endowed with a better screening technology. Our innovation is to allow the bank to lend to the shadow bank,...

Theoretically, wealthier people should buy less insurance, and should self-insure through saving instead, as insurance entails monitoring costs. Here, we use administrative data for 63,000 individuals and, contrary to theory, find that the wealthier have better life and property insurance...