Using taxicab tipping records in New York City (NYC), we develop a novel measure of real-time utility and quantitatively assess the impact of wealth change on the well-being of individuals based on the core tenet of prospect theory. The baseline estimate suggests that a one standard deviation...

Do managers learn from stock prices? In this study, we investigate the feedback effect of stock prices on real decisions by utilizing the staggered adoption of the inevitable disclosure doctrine (IDD), which exogenously decreases the stock price informativeness of firms headquartered in states...