This study seeks to understand how executive director heterogeneity affects the performance of US banks. To measure the expected performance effects linked to director heterogeneity, we compute changes in the market valuation of banks linked to announcements of executive director appointments....

We explore if sleep deprivation affects how investors react to relevant news. Using the transition to Daylight Saving Time (DST) in the spring as a disruption to sleeping patterns, we show that investors underreact to a firm’s earnings surprise in the days after the transition to DST. Further,...