This paper studies the value of employees' expectations to stock markets, using a novel dataset of one million employee reviews. Employee beliefs about their employers' business prospects predict future returns at one- to five-month horizons, delivering an annualized abnormal return of 7% to 9%....

In this study we investigate the effects of social considerations on the investment behavior of mutual fund managers. We propose a measure of investments in corporate social responsibility (CSR) by fund managers that captures the level of a manager's tendency to invest in firms that engage in...

This paper studies how competition among potential underwriters affects the pricing process of institutional loans. Underwriters trade off between setting the initial loan rates aggressively low in order to win underwriting mandates and having to adjust the rates upward in the book-building...

We examine the breadth-return relationship and the effect of stock price manipulation on it. Using data from the Chinese stock market, we first empirically find a significantly negative breadth-return relationship. Moreover, we conduct a long-short trading strategy based on the breadth change,...