We examine the role that the emotional and mental states of innovative workers have on firm value through the innovation channel. Analyzing a large inventor-level dataset, we find that sunshine-induced mood is positively associated with the economic value that inventors generate for their firms...

Using a sample of 4,892 IPOs in the United States from 1990 to 2019, we establish that the level of social capital in the county of the IPO firm’s headquarters is negatively associated with the level of IPO underpricing. The relation holds for a range of robustness tests, including those...

We study the impact of CEO overconfidence on workplace safety. We provide robust evidence of a positive relation between CEO overconfidence and workplace injury rates, implying that CEO overconfidence impairs workplace safety. In cross-sectional analysis, we find that the documented effect is...

This paper adopts Wavelet transform and Support Vector Regression (SVR) algorithm to predict all stock returns and form a time-varying Machine Learning (ML) factor added in CH4 of Liu, Stambaugh, et al. (2019) in the Chinese stock market from 2000 to 2020. The result shows that the decile sorted...

Using a large sample of 4,892 IPOs in the United States, we establish that the level of social capital in the county of the IPO firm’s headquarters is negatively associated with the level of IPO underpricing. The results hold for a range of robustness tests, including those addressing...

Abstract: In practice, consumption quality refers to “production quality + category image”, where the former is determined by a contract manufacturer (CM) and the latter is promoted by an industry leader. In this paper, we explore whether the industry leader should cooperate with the CM...