We examine the effect of social pressure on the outcomes of football matches by assessing those matches that did not have spectators as a result of the COVID-19 pandemic. From the results of 768 matches with 43 unattended matches in Japan's top two divisions for the 2020 season, we find...

Fiscal announcements may transfer information about the government's view of the macroeconomic outlook to the private sector, diminishing the effectiveness of fiscal policy as a stabilization tool. We construct a novel dataset that combines daily data on Japanese stock prices with narrative...