For years, the SEC accidentally distributed securities disclosures to some investors before the public. This setting is unique because the delay until public disclosure was exogenous and the private information window was well-defi ned, which we exploit to study informed trading with a random...

We propose a unified dynamic framework to study the economics of the supply side of bitcoin mining, such as endogenous transaction fees, the miners' liquidation policies, and endogenous inventory holdings, in the face of declining system block rewards and stochastic demand. The model yields two...

This study presents an intriguing contrast of the ex ante and ex post relations between mortgage securitization and loan performance using a comprehensive dataset from a major national mortgage bank. While the paper supports that the bank applies lower screening efforts on loans that have higher...

This article reviews shareholder activism by hedge funds. We first describe the nature and characteristics of hedge fund activism, including the objectives, tactics, and choices of target companies. We then analyze possible value creation brought about by activist hedge funds, both for...

This study presents an intriguing contrast of the ex ante and ex post relations between mortgage securitization and loan performance using a comprehensive dataset from a major national mortgage lender. While the paper supports that the bank applies lower screening efforts on loans that have...

This article reviews shareholder activism by hedge funds. We first describe the nature and characteristics of hedge fund activism, including the objectives, tactics, and choices of target companies. We then analyze possible value creation brought about by activist hedge funds, both for...

In this study, we examine whether the monetary incentives associated with equity ownership (broadly defined to include stock and stock options) induce managers to maintain strong internal controls. Supporting the notion that equity ownership provides management incentive to strengthen the...

We analyze hedge fund performance before “birth” (i.e., the date on which a fund begins to self-report to commercial databases) and after “death” (i.e., the date on which a fund ceases to self-report to commercial databases). We find that funds initiate reporting after an extended period...

We employ a novel framework to measure the asymmetric nexus between the cryptocurrency market and the carbon futures market based on different market conditions. Initially, we use Bitcoin, Ethereum, and Ripple to embody the cryptocurrency market and the European Union Allowance (EUA) futures to...

This study aims to explore the relationship between carbon emissions and economic growth in China from 1992 to 2018 using mixed frequency vector autoregressive model (MF-VAR). The MF-VAR model used in this paper does not go through any filtering procedure, and the variables with different...