Rating on a Behavioral Curve
Sell-side analysts rate on a particular type of behavioral curve: recency. Although they claim to use objective criteria (like expected raw, market-adjusted, or industry-adjusted returns), we find...
View ArticleRating on a Behavioral Curve
Sell-side analysts rate on a behavioral curve. Although they claim to use objective criteria (like expected raw, market-adjusted, or industry-adjusted returns), we find that, even after controlling for...
View ArticleDo Women Receive Worse Financial Advice?
We arranged for trained undercover men and women to pose as potential clients and visit all 65 local financial advisory firms in Hong Kong. At financial planning firms, but not at securities firms,...
View ArticlePolarization in Perceived Risk
Using customer data from a large fintech company offering “guaranteed” Euro certificates of deposits from various European banks, we document considerable heterogeneity in offered interest rates for...
View ArticleBetting on the CEO
We study the extent to which active mutual funds bet on the CEO. We find unusual trading and exit rates in a CEO turnover month, particularly for raided CEOs, consistent with larger bets being placed...
View ArticleThe Enforcement of Insider Trading Laws Around the World (1900-2022)
Economic theory suggests that sometimes the enforcement of insider trading laws may be more important than the existence of these laws. Is that true? I find that at the end of 2022: (1) Insider trading...
View ArticleDo Women Receive Worse Financial Advice? An Audit Study in Hong Kong, China
We arranged for trained undercover men and women to pose as potential clients and visit all 65 local financial advisory firms in Hong Kong, China. At financial planning firms, but not at securities...
View ArticleThe (Missing) Relation between Announcement Returns and Value Creation
Acquisition announcement returns are widely considered market-based assessments of value creation. Unfortunately, the data do not support this conjecture. We show that commonly used and new measures of...
View ArticleDo Women Receive Worse Financial Advice?
We arranged for trained undercover men and women to pose as potential clients and visit all 65 local financial advisory firms in Hong Kong. At financial planning firms, but not at securities firms,...
View ArticleSpillovers in Prices: The Curious Case of Haunted Houses
Exploiting the unique institutional setting of Hong Kong’s real estate market, we uncover a curious ripple effect of haunted houses on the prices of nearby houses. Prices drop on average 20% for units...
View ArticleThe (Missing) Relation Between Announcement Returns and Value Creation
Acquisition announcement returns are widely considered market-based assessments of value creation. Unfortunately, the data do not support this conjecture. We show that commonly used and new measures of...
View ArticleNominal Stock Price Anchors: A Global Phenomenon?
Weld, Michaely, Thaler, and Benartzi (2009) find that the average nominal U.S. stock price has been approximately $25 since the Great Depression. They report that this “nominal price fixation is...
View ArticleSpillovers in Asset Prices: The Curious Case of Haunted Houses
Exploiting the unique institutional setting of Hong Kong’s real estate market, we uncover a curious ripple effect of haunted houses on the prices of nearby houses. Prices drop on average 19% for units...
View ArticleRating on a Behavioral Curve
Sell-side analysts rate on a behavioral curve. Although they claim to use objective criteria (like expected raw, market-adjusted, or industry-adjusted returns), we find that, even after controlling for...
View ArticleWhat's Hot in Finance (2011-2015)?
To catalyze my fourth-year Ph.D. students in the Hong Kong University of Science and Technology to think of new ideas after their comprehensive examinations, I asked each one of them to read the...
View ArticleInsider Trading Controversies: A Literature Review
Using the artifice of a hypothetical trial, this article presents the cases for and against insider trading. Both sides in the trial produce as evidence the salient points made in more than 100 years...
View ArticleDo Superstitious Traders Lose Money?
Do superstitious traders lose money? We answer this question in the context of trading in the Taiwan Futures Exchange, where we exploit the Chinese superstition that the number “8” is lucky and the...
View ArticleFollow the Money: Investor Trading Around Investor-Paid Credit Rating Changes
Using institutional equity trading data, we find that a set of small institutional investors consistently follow credit ratings issued by an investor-paid rating agency in their trading decisions....
View ArticleWhat Affects Innovation More: Policy or Policy Uncertainty?
Motivated by a theoretical model, we examine for 43 countries whether it is policy or policy uncertainty that affects technological innovation more. Innovation activities, measured by patent based...
View ArticleInsider Trading Controversies: A Literature Review
Using the artifice of a hypothetical trial, this article presents the cases for and against insider trading. Both sides in the trial produce as evidence the salient points made in more than 100 years...
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