The equal employment opportunity (EEO) policy is an essential component of workplace diversity, equity, and inclusion (DEI) practices. This paper examines whether principal customer firms infuse EEO policy in their dependent suppliers. Specifically, using a novel workplace EEO measure based on...

We construct a corporate workplace equality measure based on textual analysis of equal employment opportunity statements in online job postings of US listed companies. We verify this measure by demonstrating its predictive power of future employment discrimination lawsuits and identifying the...

Using a unique workplace equality measure constructed from big data on online job postings, I show that investors tilt their holdings toward firms with better workplace equality profiles after the unexpected 2020 Black Lives Matter movement. Empirical evidence suggests that the effects are...

We test the implications of anchoring bias associated with forecast earnings per share (FEPS) for forecast errors, earnings surprises, stock returns, and stock splits. We find that analysts make optimistic (pessimistic) forecasts when a firm’s FEPS is lower (higher) than the industry median....

We document large cross-sectional variation in the speed of information diffusion between U.S. suppliers and their international principal customers. Based on the rigorous and comprehensive framework of risks in emerging markets from Karolyi (2015), we find that market operating efficiency is...

We study information production and diffusion resulting from dynamic interactions between different types of informed investors in financial markets. Using a theoretical framework that exploits the setting of the Q&A section of earnings conference calls, we predict that information production...

We show that firms gain visibility and shareholder base through disclosing supply-chain relationships with large and well-known trading partners in their SEC filings. Using a novel research design that focuses on the investor recognition effect of disclosures, we find a significant improvement...

We test the implications of anchoring bias associated with forecast earnings per share (FEPS) for forecast errors, earnings surprises, stock returns, and stock splits. We find that analysts make optimistic (pessimistic) forecasts when a firm's FEPS is lower (higher) than the industry median....