This paper investigates the short selling of financial company stocks around the time of the SEC September 2008 short-selling ban. More specifically, this paper examines whether this short selling, mainly by hedge funds and other types of sophisticated investors, was purely speculative or...

We examine the effects of CEO big five personalities (openness, conscientiousness, extraversion, agreeableness, and neuroticism) on their annual compensation. We hand-collect the S&P 1500 CEO tweets and use IBM personality insights to measure CEO personality. CEOs with high ratings of...

PurposeThe aim of the paper is to investigate the associations between hedge fund activism and corporate internal control weaknesses.Design/methodology/approachIn this paper, the authors identify hedge fund activism events using 13D filings and news search. After matching with internal control...

This paper examines whether the overconfidence of a downstream customer firm’s CEO affects the value of its upstream supplier firms. We find that CEO overconfidence positively influences investor opinion regarding upstream supplier firm value in an environment of information asymmetry (proxied...

Pástor and Veronesi (2012) develop a general equilibrium model to examine the relation between policy uncertainty and asset prices. Extending to their study, we develop a novel measure of firms’ uncertainty about the change in bilateral trade flows between each country and the US. We...

This study examines the institutional demand for mispriced stocks with incongruent expectations implied by book-to-market ratio and financial strength. Consistent with the argument of expectation errors in value/glamour stocks (Piotroski and So, 2012), institutional investors buy value stocks...

Does information leakage in a target’s social networks increase its stock price prior to a merger announcement? Evidence reveals that a target with more social connections indeed experiences a higher pre-announcement price run-up. This effect does not exist during or after the merger...

This paper explores the impact of political network on insider trading activities in China. With a comprehensive network mapping links between politicians and firm Chairmen, we find that stronger political network discourages insider trading. Such effect is stronger among long-standing,...

This paper analyzes the effect of California’s gender quotas on corporate strategy and the representation of women in managerial positions. We find that affected firms adopt a long-term orientation by increasing their expenditures on research and development, organizational capital, and...

Using India's national benchmark survey for financial literacy and inclusion, we observe a step change in financially literate women, who possess higher levels of sole and joint responsibility with their spouse to manage their households' finances. Considering ownership information in eighteen...