We propose a risk-based firm-type explanation on why stocks of firms with high relative short interest (RSI) have lower future returns. We argue that these firms have negative alphas because they are a hedge against expected ...

The paper shows that the post-earnings-announcement drift is stronger for conglomerates, despite conglomerates being larger, more liquid, and more actively researched by investors. We attribute this finding to slower ...

In the last 20 years many US cities have removed their residency requirements in response to municipal employee demands to choose where they live. We examine the effect of Ohio’s 2006 residency requirement ban on housing ...

Despite their documented importance in the labor market, little is known about how workers use social networks to find jobs and their resulting effect on earnings. I use geographically detailed U.S. employer-employee data ...

The paper shows that lottery-like stocks are hedges against unexpected increases in market volatility. The loading on the aggregate volatility risk factor explains low returns to stocks with high maximum returns in the ...

"News reports that carry positive or negative sentiment about a firm influence the firm’s stock price performance. This study examines the role of firm controllable marketing factors, namely, advertising spending and ...