We use New York City taxi trips to identify mutual fund managers who directly gather information from local firms. Only funds that visit local companies via taxi overweight local firms in their portfolios, and firm visits are associated with superior investment performance. Local firm visits are...

In response to terrorism, households reduce their trading activity and equity ownership. While the decline in the net value of trades is consistent with increasing risk aversion, reduced Google search volumes, lower aggregate attention indices, and fewer purchases of newsworthy stocks suggest...

Using golf play as a measure of leisure, we document that there is significant variation in the amount of leisure that CEOs consume. We find that they consume more leisure when they have lower equity-based incentives. CEOs that golf frequently (i.e., those in the top quartile of golf play, who...

We show that firms with CEOs who personally benefit from options backdating are more likely to engage in other corporate misbehaviors, suggestive of an unethical corporate culture. These firms are more likely to commit financial fraud to overstate earnings. They acquire more private companies,...

We show that firms with CEOs who personally benefitted from options backdating were more likely to engage in other forms of corporate misbehavior, suggestive of an unethical corporate culture. These firms were more likely to overstate firm profitability and to engage in less profitable...

We show that firms with CEOs who personally benefitted from options backdating were more likely to engage in other forms of corporate misbehavior, suggestive of an unethical corporate culture. These firms were more likely to overstate firm profitability and to engage in less profitable...

We document large variation in the cross-sectional correlation and imbalance of daily mutual fund flows from share classes catering to retail investors, retirement accounts, and financial advisors. Funds with more diversified flows on day t face lower immediacy requirements and outperform funds...

The Tax Cuts and Jobs Act of 2017 is the most recent federal government attempt to help economically distressed communities. It allowed for the creation of 8,764 designated “opportunity zones” in July 2018 that cover parts of all 50 States, the District of Columbia and five U.S. territories....

We investigate the role of mutual fund flows in incorporating market sentiment into asset prices. We show that retail investors adjust their investments among mutual fund categories in response to changes in market sentiment. Consistent with sentiment-induced price pressure through fund flows,...