We construct a novel measure of partisan corporate speech using natural language processing techniques and use it to establish three stylized facts. First, the volume of partisan corporate speech has risen sharply between 2012 and 2022. Second, this increase has been disproportionately driven by...

Government intervention in the financial market through its own trading fundamentally changes the market's structure, function, behavior and outcome. We develop a general equilibrium framework to study the impact of government trading on market outcome and investor welfare. We show that with...

Most S&P 500 corporations disclose that their profits depend on non-wage competition for worker talent via workplace amenities like work-life balance. We quantify this dependence using a labor market matching model with endogenous amenities. When productive (unproductive) firms provide the...

We show that the higher-orders and their interactions of the common sparse linear factors can effectively subsume the factor zoo. We propose a forward selection Fama-MacBeth procedure as a method to estimate a high-dimensional stochastic discount factor model, isolating the most relevant...

The analysis of corporate governance begins with a central feature of modern capitalism--the separation of ownership and control in large corporations--first empirically documented by Berle and Means (1932). Such separation entails several agency problems reflecting conflicts between managers...

We provide evidence that the development and adoption of Generative AI is driving a significant technological shift for firms and for financial research. We review the literature on the impact of ChatGPT on firm value and provide directions for future research investigating the impact of this...

We review an empirical literature that studies how political polarization affects financial decisions. We first discuss the degree of partisan segregation in finance and corporate America, the mechanisms through which partisanship may influence financial decisions, and available data sources to...

Motivated by the recent National Association of Realtors (NAR) settlement, this note examines the effects of reduced real estate agent commissions on home prices, housing turnover, and consumer welfare. Using a calibrated dynamic structural search model of the housing market, we explore how...

Institutional investors engage in trillions of dollars of regular portfolio rebalancing, often based on calendar schedules or deviations from allocation targets. We document that such rebalancing has a market impact and generates predictable price patterns. When stocks are overweight, funds sell...

We examine job-seekers' heterogeneous preferences for nonwage amenities, with a focus on environmental, social, and governance (ESG) practices, using an incentivized field experiment in Brazil. Our findings reveal that ESG is the most polarizing nonwage amenity across multiple sociodemographic...