Annual Conference

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Accounting

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May 2022

We take advantage of a rare setting in a decentralized finance market (the MakerDao Lending Protocol), where each trader’s activities are freely and publicly available in real-time and recorded permanently to the blockchain, to examine traders’ mimicking behavior in this extremely transparent ma...
Keywords: blockchain, decentralized finance, transparency, processing costs
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Annual Conference

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Accounting

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May 2021

We investigate whether mandatory earnings announcement date forecasts are informative to investors and the informational tradeoffs between mandatory and voluntary forecasts. We find: (i) The percentages of the quarter’s earnings news conveyed by mandatory China and voluntary US forecasts are simil...
Keywords: forecasts of earnings announcement dates, mandatory forecasting, private information precision, Voluntary Disclosure, informational tradeoffs
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2015

We develop a model linking stock ownership and returns to the distribution of private information and quality of public information. Supporting the model, we find that the firm’s information environment affects investors’ propensity to hold and trade its stocks, but its effects hinge on investor...
Keywords: Geography, Information Environment, Ownership, Trading, Stock Returns
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Annual Conference

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Accounting

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May 2015

When emerging market firms disclose relationship-based transactions, they face a tradeoff in which greater transparency may help lower their cost of capital at the cost of revealing proprietary information. We find that firms overcome this challenge by relying on analysts within their private networ...
Keywords: Financial analysts, Information spillover, social networks, Information advantage
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Senior Fellows/Fellows

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Senior Fellows/Fellows

An information cascade is a situation in which an agent who observes others chooses the same action irrespective of the value of the agent’s private information signal. Theoretical models have found that cascades result in poor information aggregation, inaccurate decisions, and fragility of mass b...
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