We investigate the impact of observing peers’ information acquisition on financial analysts’ attention allocation. Using the timely disclosure mandate by the Shenzhen Stock Exchange as a setting, we find that, when analysts can observe that a firm is visited by other analysts, they allocate...

A company’s culture represents one of the most important factors that job seekers consider. In this study, we examine how firms craft their job postings to convey their cultures and whether doing so helps attract employees. We utilize state-of-the art machine learning methods to develop a...

This paper investigates the effect of exchange-traded funds' (ETF) activity on the short-run informational efficiency of their underlying securities. We find that ETF activity increases short-run informational efficiency for stocks with weak information environments. The increase in...

We examine whether the information content of the earnings report, as captured by the earnings response coefficient (ERC), increases when investors' uncertainty about the manager's reporting objectives decreases, as predicted in Fischer and Verrecchia (2000). We use the 2006 mandatory...

We exploit a unique feature of conference calls to study one type of interaction among executives — directly inviting colleagues to respond to analysts’ questions. We find that the frequency of initiating interaction is positively associated with an executive’s ability, but not associated...

Investment funds report periodic return performance, usually compared to a benchmark. However, under ICAPM intertemporal investing theory, investors are not just concerned with the current return. Rather, they look to fund performance as a projection to the future, and that involves...

This study investigates whether social media coverage influences a firm’s likelihood of being acquired. Specifically, we hypothesize that coverage of a firm on the Seeking Alpha platform raises its visibility to potential acquirers and M&A advisers (i.e., investment banks), increasing the...