We study the role of reputation in auditor-client matching. Using 1.2 million employment records from US broker-dealers, we find that broker-dealer clients of the same auditor have similar financial adviser misconduct profiles. Our estimates indicate that variation in client misconduct behavior...

This paper presents structural estimates of the portion of technical analysts in six markets. I find that the portion of technical analysts in the US equity market has been decreasing since the 1970s. A simple asset pricing model predicts that both risk and return are increasing in the portion...

A heterogeneous-firm trade model can explain the recent decrease in exchange rate pass-through to aggregate U.S. import prices as a result of decreased trade costs. A decrease in trade costs enables lower-productivity firms to begin exporting. The recent decrease in the responsiveness of U.S....

We find that social distancing is affected by the policies set in neighboring counties, even after controlling for confirmed COVID cases and weather. A stay-at-home order in a neighboring county reduces social distancing by more than half as much as implementing an order in that county. This...