The success of any User-Generated Content (UGC) website depends crucially on its asset of content contributors. How firms should invest in the acquisition and retention of content contributors represents a novel question that is particularly important for these websites. We develop a vector...

Grit, a non-cognitive skill that indicates perseverance and passion for long-term goals, has been shown to predict academic achievement. This paper provides evidence that grit also predicts student outcomes during the challenging period of the Covid-19 pandemic. We use a unique behavioral...

We find that board gender diversity increases the likelihood that firms announce a buy-back but long-term excess returns are signficantly smaller when there is larger female representation on the board. This is consistent with the governance hypothesis: gender diversity makes it more likely that...

The buyback anomaly survives when using the five factor Fama and French (2015) and the four factor Stambaugh and Yuan (2016) models: buyback announcements are followed by positive long-term excess returns that are positively related to (idiosyncratic) volatility, inconsistent with the low...

We develop a methodology for the measurement of the parameters of cumulative prospect theory and time discounting models based on tools from the preference measurement literature. These parameters are typically elicited by presenting decision makers with a series of choices between hypothetical...

We study the risk-taking behavior of stock analysts under varying market conditions. We examine how the risk analysts take by providing bold forecasts that deviate from consensus depends on the degree of uncertainty in the environment as well as the analysts' skill level. We provide evidence...