Using the details of vesting terms, we document that stock options granted in high investor sentiment periods tend to have shorter vesting periods and durations, and are more likely to vest completely or have a significantly larger fraction vested within one year of the grant date, relative to...

Using the details of vesting terms, we document that stock options granted in high sentiment periods tend to have shorter vesting period/duration, and are more likely to vest completely or have a significantly larger fraction vested within one year of the grant date relative to low sentiment...

We examine the impact of distance on investor search behavior, and the effect of geographic dispersion of investor search on the stock market response around earnings announcements. We find significant “local bias” in Internet search behavior. While more visible firms have more...

We examine the impact of distance on Internet search, and the effect of the “local bias” in search on the stock market response around earnings announcements. We find significant local bias in search behavior. Motivated by theories explaining local bias, local information advantage and...