We examine the impact of ETF ownership on the commonality in liquidity of underlying stocks, while controlling for other institutional ownership. Analyses using aggregate stock-level ETF ownership and common ETF ownership at the stock-pair level indicate that ETF ownership significantly...

Using a large sample of U.S. mortgages, we document contagion effects in strategic mortgage defaults. These result from borrowers choosing to exercise their in the money default option. Our findings suggest this choice is influenced by the delinquency rate in surrounding zip codes after...

Firm political contributions are associated with lower credit default swap spreads for contributing firms. To address endogeneity, we employ novel instruments and use a set of exogenous events on campaign contribution restrictions: (a) the passage of the Bipartisan Campaign Reform Act (BCRA)...