We study how granting shareholders an advisory compensation vote affects the subsequent demand for shareholder voting rights. We find that the voting premium decreases when shareholders are given the right to disapprove firm compensation plans, consistent with firms taking preemptive actions...

This paper examines the causal effect of index creation on security prices in related markets. Using a novel identification strategy, I document persistent treatment effects attributable to index inclusion. Variation in the difference between bond and credit default swap (CDS) spreads, known as...

This paper tests whether margin requirements cause asset price volatility. Using novel data on margin requirements and by exploiting exogenous variation from a threshold-based regression discontinuity design, I document that increasing margin causes a persistent decrease in future volatility...

Section 529 plans have experienced tremendous growth, yet we know little about how the incentives of their sponsors (i.e., states) and program managers affect investors. We study how the incentives of these key players relate to plan characteristics. Plans where states exhibit a greater tendency...