Using alcohol, tobacco, and gaming consumption data and people's attitudes toward these sin products to proxy for social norm acceptance levels, we show a strong interaction effect between social norms and financial incentives, which significantly influence the behavior of market participants....

This paper examines the effect of targets' participation in tax shelters on takeover premiums in mergers and acquisitions. Using a novel dataset in which targets disclose that they have not participated in tax shelters, we find that targets that make this statement in their merger filings are...

Using alcohol, tobacco, and gaming consumption data and people’s attitudes toward these sin products to proxy for social norm acceptance levels, we show a strong interaction effect between social norms and financial incentives, which significantly influence the behavior of market participants....

This paper uses transaction-level fund trading data from the United States to study the information advantage of institutional investors. Our research design follows a two-step procedure. In the first step, we identify funds that sell shares in firms before their unexpected revelation of stock...