We study the effect of official statement textual complexity on municipal borrowing costs (yield) through the clientele channel. Theoretically, complexity reduces signal quality for unsophisticated investors, potentially increasing yield. We provide causal evidence of an economically significant...

From the perspective of officials-and-directors (OADs), who are commonly appointed by the Chinese government to the banks it owns, this paper takes studies of government ownership and banks' behavior to the micro level of boards. We analyze the relationship between the special political...

The Securities and Exchange Commission's investigative process remains opaque and challenging to study due to limited observability. Leveraging de-identified smartphone geolocation data, we provide new insights into the SEC's monitoring practices by tracking SEC-associated devices that visit...

Leveraging the unique context of New York City taxi rides, we estimate that passengers are 25 to 30 percentage points more likely to tip a suggested amount when presented an integer tip suggestion. Moreover, we find this behavioral response to integer suggestion varies by tip menu placement,...

Leveraging the unique context of New York City taxi rides, we estimate that passengers are 25 to 30 percentage points more likely to tip a suggested amount when presented an integer tip suggestion. Moreover, we nd this behavioral response to integer suggestion varies by tip menu placement, fare...

We study the effect of official statement textual complexity on municipal borrowing costs (yield) through the clientele channel. Theoretically, complexity reduces signal quality for unsophisticated investors, potentially increasing yield. We provide causal evidence of an economically significant...