This paper investigates the impact of a 2018 intervention by the European Securities and Markets Authority (ESMA) limiting the amount of leverage that investors can take on their trading activities. While it successfully reduced the leverage-usage, investors shifted their trading activities to...

Social comparisons and ranking in the wealth distribution impact risk-taking decisions. We provide experimental evidence that rankings have a differential impact on risk-taking decisions based on what individuals are ranked on. We observe the largest rank-based differences when individuals are...

We study the relationship between risk managers' dark triad personality traits (Machiavellianism, narcissism, and psychopathy) and their selective hedging activities. Using a primary survey of 412 professional risk managers, we find that managers with dark personality traits are more likely to...

Shareholder activism has sharply increased over the past decade and spread both across countries and among different types of investors. Today, 50% of all engagements occur outside North America, with non-hedge fund investors accounting for one-third of all engagements. We investigate the...

Social trading is an emerging market in the sharing economy, allowing inexperienced investors (copiers) to automatically follow the trades of experts (leaders) in real time. We use a separable temporal exponential random graph model (STERGM) to analyze the link formation and dissolution of a...

We investigate the relationship between dark triad personality traits (Machiavellian-ism, narcissism, and psychopathy) of managers and reporting manipulation using a primary survey of 837 professionals working in accounting and finance departments. We find that: (a) managers, who exhibit dark...