Exploiting within-firm variations in plant-level toxic releases, we document the effect of managerial hometown attachment on corporate environmental policies. Pollution intensity is 20% lower for plants near CEOs' hometowns, achieved by conducting more costly waste management activities such as...

We study the extent and determinants of p-hacking in experimental accounting studies. Based on p-values in experimental studies published in top accounting journals, we find an unusual abundance of p-values that are just significant: the observed frequency of p-values equal to 0.05 is 22% to 30%...

Agency MBSs are traded via both specified pool (SP) contracts for individual securities and to-be-announced (TBA) contracts for a cohort of heterogeneous securities. We document the economic effects of cohort trading on issuers' security design: (1) Low-value and high-value loans are securitized...

We revisit the Armington model developed by Feenstra et al. (2018) that allows the elasticity of substitution between the domestic and foreign varieties to be different from that between alternative foreign varieties. We develop a novel two-stage gravity-based framework to estimate these two...

We show that the many unusual features of China's financial markets are consistent with a government choosing regulations to maximize a standard type of social welfare function. Under certain conditions, these regulations are equivalent to imposing explicit taxes on business and interest income,...

There has been intensive research regarding artificial intelligence (AI) models for predicting bankruptcy in recent years. In this study, a data-driven case-based reasoning (CBR) method is proposed for bankruptcy prediction, testing its performance with financial data from German companies. A...

We test the asset pricing implications of collateralized borrowing using the Chinese structured A-B funds. The funds are special in that the prices for the same asset with and without leverage are simultaneously observed with the leverage exogenously determined and time-varying. We find that...