Using text-based analysis of 10-K MD&A disclosures, we find that fraudulent firms produce verbal disclosure that is abnormal relative to strong counterfactuals. This abnormal text predicts fraud out of sample, has a verbal factor structure, and can be interpreted to reveal likely mechanisms that...

We examine the effect of the Jumpstart Our Business Startups (JOBS) Act on biotech startups, who conduct almost 40% of IPOs since 2012. Reduced compliance costs encourage innovation capital formation as biotech IPO volume increases 200% and proceeds rise by 30%. After the JOBS Act, biotech...

This paper considers the economic implications of supporting ``prime" money market funds with capital buffers. The main findings are twofold. First, relatively small capital buffers are capable of absorbing daily fluctuations between a fund's shadow price and its amortized cost. The ability to...

Concentrated risks in markets for credit default swaps (CDS) are widely considered to have significantly contributed to the recent financial crisis. In this paper we study the structure of the CDS market using explicit connections based on the total number of CDS transactions, notional value of...