More patriotic countries have greater home bias in their equity selection. In a panel of World
Values Surveys covering 53 countries, measures of patriotism are positively related to home …

We provide novel evidence supporting the notion that arbitrageurs can contribute to return
comovement via exchange trade funds (ETF) arbitrage. Using a large sample of US equity …

The number of US publicly traded firms has halved in 20 years. How will this shift in ownership
structure affect the economy’s externalities? Using comprehensive data on greenhouse …

I test whether social influence affects individual investors’ trading and stock returns. In each
of the 20 most active stocks in Finland over 9 years, the number of owners in a municipality …

We investigate the motivations and effects of financial firms’ hiring of former US financial
regulatory employees. The number of top executives with regulatory experience per firm has …

We find that patient traders profit from the predictable, flow-induced trades of mutual funds.
In anticipation of a 1%-of-volume change in mutual fund flows into a stock next quarter, the …

This study examines the effect of locally informed investors on market efficiency and stock
prices using large power outages, which are exogenous events that constrain trading. …

A large literature finds evidence that pricing kernels nonparametrically estimated from option
prices and historical returns are not monotonically decreasing in market index returns. We …

This is the first paper to examine the microstructure of how mispricing is created and resolved.
We study dual-class shares with equal cash flow rights and show that a simple trading …

Private equity firms have discretion over the timing of their funds' capital calls and distributions,
making the popular internal rate of return (IRR) an incomplete measure of private equity …