The relationship between societal trust and stock price delay is examined across 33 countries for the period from 1985 to 2021. The results showed that societal trust positively impacts investors' perception of information credibility, resulting in a shortened stock price delay. This effect is...

We study how derivatives (with nonlinear payoffs) affect the liquidity of the underlying asset. In a rational expectations equilibrium, informed investors expect low conditional volatility and sell derivatives to the others. These derivative trades affect investors’ utility differently,...

The sharing economy has radically reshaped marketing thought and practice. Prior research has yet to examine whether and how a platform-level buyer protection insurance (PPI) impacts the buyers and sellers in the sharing economy. We exploit a natural experiment of an unexpected system glitch...