Complex structured products especially collateralized debt obligations (CDOs) were at the center of the recent credit crisis. This paper explores two structural sources of CDO mispricing: modeling difficulty and data limitation. Comparing pricing outputs among models with different...

Do financial market developments matter for rank-and-file workers? We find that equity options or credit default swaps (CDS) trading on a firm improves employee welfare ratings. The results are robust to alternative welfare outcome measures including a firm’s selection into "Best Companies to...

In this paper, we offer evidence that disclosure of corporate social responsibility (CSR) in the 10-K provides information about firms' competitive advantages. We create a textual measure of CSR disclosure that aggregates CSR keywords found in 10-Ks. We measure firms' competitive advantages by...