Exploiting a novel measure of proprietary information disclosure, this study shows that firms respond to their peer firms’ disclosure of proprietary information. I find that firms increase their voluntary disclosures and their liquidity improves in response to a peer firm's disclosure of...

This study shows that firms respond to their product-market peers’ decisions of redacting information using a large sample of confidential treatment orders that are mandatorily filed to redact information. I find evidence that firms increase their confidential treatment orders, but not other...

I construct a novel network of labor market peers that is denser and more centralized compared to product and capital market networks. Using my labor market network, I provide robust evidence that focal firms spend more on R&D and suffer more talent outflows when their labor market peers...

This study uses a novel agent-based computer model to examine how networks influence the emergence of multiple goods as media of exchange in a decentralized economy. This model implements the evolutionary process of the Kiyotaki-Wright (KW) model (1989), which explains the endogenous emergence...

This study documents simple trading strategies that predict stock returns using the sentiment information of labor market related news articles. I identify the average sentiment scores of labor market related news articles of each firm daily and use them to predict stock returns. Unlike the...