Unpaid chairpersons prioritize other stakeholders resulting in shareholder wealth loss. Using a sample of Chinese listed firms from 2005 to 2018, we find that firms who have chairpersons that they do not directly pay, underperform counterparts with paid chairpersons. The results are robust after...

Do entrepreneurs consider the risk of their business equity when making investment portfolio allocations? Many people compartmentalize different risks and consider them separately, called mental accounting. Alternatively, the risk substitution hypothesis suggests that entrepreneurs would offset...

Stocks appear to have investor clienteles based on their business practices and products. The variety in expressive benefits each individual receives from owning controversial stocks causes them to modify their portfolio to accommodate their beliefs. We examine the ownership of firms with social...

I describe household behavior in boom and bust economic cycles with a particular focus on the recent financial crisis. The behaviors are motivated by cognitive limitations and psychological bias. In addition, household behavior exacerbates the boom/bust economic cycle. In boom times, households'...

We find individuals are four times more likely to purchase stocks of their local direct utility company as opposed to utility companies operating outside their state of residence. Our tests reveal that individuals do not possess superior or private information about their local utilities....

We examine whether the stronger information content of Chief Financial Officer (CFO) insider trading relative to that of Chief Executive Officers (CEOs) results from a different willingness to exploit the information asymmetry that exists between executives and outside shareholders (scrutiny...