We investigate the impact of peer pressure on the characteristics of forward-looking disclosures. We identify plausibly exogenous variation in the amount of peer firm forecast news available when a focal firm issues its own forecast by employing a sample of firms that issue forecasts in...

This paper analyses the relationship between relative income concerns and individual wellbeing in an economy of heterogeneous firm-worker pairs. Specifically, we study incentive contracting under moral hazard when workers compare their earnings with the economy's average wage. At the aggregate...

The quest for social status is the driving force behind many human decisions, including the expenditure on conspicuous goods. Recent evidence shows that conspicuous consumption patterns vary across social groups. Further, rank-based status signalling models suggest that the income distribution...

The importance of using the Internet and the accompanying browsing of websites, especially social networking sites (SNS), has increased due to its many benefits, which benefit users, consumers, and stakeholders. The benefits of using the Internet include obtaining information from anywhere, at...

This working paper was written by Yin-wong Cheung (University of California, Santa Cruz) and XingWang Qian (University of California, Santa Cruz).Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup’s wardrobe hypothesis...