We re-examined the seasonal pattern in the excess returns of highly visible American firms. In contrast to the seasonality for risky, less visible firms, we found that highly visible stocks display return seasonality that shows the opposite trend. Fund managers are prone to gamesmanship, putting...

The narrative of homeownership for all citizens is a uniquely American story. Narrative economics is a field that studies the spread of stories to explain economic fluctuations. We quantitatively examine the relationship between the American housing narrative and the run-up in home prices...