We show that multi-bank loan pools improve the risk-return profile of banks ̕loan business. Banks write simple contracts on the proceeds from pooled loan portfolios, taking into account the free-rider problems in joint loan production. Thus, banks benefit greatly from diversifying credit risk...

In an environment of near-zero yields for traditional asset classes and tightening bank regulation, debt in privately arranged loans has become an interesting alternative to publicly distributed bonds for borrowers and professional investors. Key questions for potential investors concern the...

We examine whether access to management at broker-hosted investor conferences leads to more informative research by analysts. We find analyst recommendation changes have larger immediate price impacts when the analyst's firm has a conference-hosting relationship with the company. The effect...

We study the effects of social media on the informativeness of retail investor trading. Our identification strategy exploits the editorial delay between report submission and publication on Seeking Alpha, a popular crowdsourced investment research platform. We find the ability of retail order...