We explore how umpires' racial/ethnic preferences are expressed in their evaluation of Major League Baseball pitchers. Controlling for umpire, pitcher, batter and catcher fixed effects and many other factors, strikes are more likely to be called if the umpire and pitcher match race/ethnicity....

We explore how umpires' racial/ethnic preferences are expressed in their evaluation of Major League Baseball pitchers. Controlling for umpire, pitcher, batter and catcher fixed effects and many other factors, strikes are more likely to be called if the umpire and pitcher match race/ethnicity....

We develop a model linking stock ownership and returns to the distribution of private information and quality of public information. Supporting the model, we find that the firm's information environment affects investors' propensity to hold and trade its stocks, but its effects hinge on...

We provide evidence that the research of equity analysts affiliated with corporate lenders reflects private information obtained through the commercial lending relationships. Lender-affiliated analysts improve the accuracy of their earnings forecasts on borrowers after a lending relationship is...

Equity analysts affiliated with corporate lenders publish superior research on borrowers, consistent with private information sharing within financial institutions. Relative to other analysts, lender-affiliated analysts improve the accuracy of their earnings forecasts after a lending...