We use employee predictions of their companies' six-month business outlook from Glassdoor.com to assess the information content of employee social media disclosures. We find that average employee outlook is incrementally informative in predicting future operating performance. Its information...

We examine the role of teamwork within the top executive teams in generating management forecasts. Using social connections within the executive team to capture the team's interaction, cooperation, and teamwork, we find that social connections among team members are associated with higher...

This paper provides novel evidence of information asymmetry in Exchange-Traded Fund (ETF) markets, focusing on the informativeness of ETF flows. By decomposing daily ETF flows into three components, we find that certain ETF shares are created or redeemed in anticipation of forthcoming news,...

This paper develops a novel approach to information-based securities trading by characterizing the hidden state of the market, which varies following a Markov process. Extensive simulation demonstrates that the approach can successfully identify market states and generate measures of...

This paper shows a sharp contrast between theoretical predictions of merger negotiations when takeover markup and runup are measured in dollar vs rate terms. It argues that the empirical tests by an influential study cannot reject the hypothesis of a costly feedback loop as the authors claim....

Using a sample of firms that conducted multiple SEOs during 1995-2012, we examine whether firms can build credibility for subsequent SEOs by following through on their stated use of proceeds from earlier SEOs. We find that firms that previously state their intention to invest funds in projects...

We review both the theoretical and empirical literature relating to the impact of school choice programs, particularly voucher programs, on residential property values. Beginning with the seminal works of Charles Tiebout (1956) and Thomas Nechyba (1999, 2000, 2003), we describe the sorting...