We analyze the entry of new credit rating agencies into structured finance products. Our setting is unique as we study a period in which the incumbents' reputation was extremely poor and the benefit of more fee income from inflating ratings was low. We find entrants cater to issuers by issuing...

Prior literature has found evidence that pleasant weather conditions (namely sunshine) lead to higher tip rates, presumably because pleasant weather improves the moods of either servers or patrons. But previous studies involved only a few dozen subjects on at most a handful of days. We remedy...

Prior literature has found evidence that pleasant weather (namely, sunshine) leads to higher tipping rates, presumably because it improves the moods of either servers or patrons. However, studies examining the relationship between pleasant weather and tipping behavior have involved relatively...

This paper argues that the degree to which a given industry’s labor contracts are complete or incomplete is the major factor determining whether its workforce will be unionized. For instance, assembly line industries feature complete labor contracts because of the nature of the production...

Arbitrage pressures that could equalize closed-end fund share prices with fund portfolio values appear to be largely absent in an extensive data set. Observed fund behavior violates the static arbitrage bounds of Gemmill and Thomas (2002) and is inconsistent with the dynamic arbitrage bounds of...