Social distancing is vital to mitigate the spread of the novel coronavirus. We use geolocation data to document that political beliefs present a significant limitation to the effectiveness of state-level social distancing orders. Residents in Republican counties are less likely to completely...

We examine the cross-section of skill among non-professional analysts (NPAs) on Seeking Alpha, a prominent crowd-sourced investment research platform. We estimate that 60% of NPAs are skilled, and we document substantial dispersion in skill. Even after accounting for bid-ask spreads and allowing...

Firms often bundle announcements of corporate events, such as dividend changes and repurchases, together with quarterly earnings news. This paper studies the real consequence of this disclosure practice in the context of the market for corporate control. I find bundled repurchase announcements...

Bid-ask spread is taken as an important measure of the financial market liquidity. In this article, we study the dynamics of the spread return and the spread volatility of four liquid stocks in the Chinese stock market, including the memory effect and the multifractal nature. By investigating...

This paper shows a positive public financing shock has heterogeneous effects on academic achievement. White students show meaningful improvement, but Black and Hispanic students do not. Consequently, the achievement racial gap widens following the shock. Changes in school funding do not explain...

We examine the role of race and racial concordance between financial advisors and their local community. We document significant differences in stock market participation based on community racial composition as well as differences in the characteristics of communities served by minority...