This survey features three parts. The first one reviews the most recent literature on the
relationship between domestic (ie, country‐specific) uncertainty and the business cycle, and …

The value relevance research in accounting offers robust analyses about how the market
views accounting information. Although significant work has been done to date in this …

We analyze the effects of institutional cross-ownership of same-industry firms on product
market performance and behavior. Our results show that cross-held firms experience …

Because uncertainty is high in bad times, investors find it harder to assess firm prospects
and hence should value analyst output more. However, higher uncertainty makes analysts' …

This paper establishes a new empirical fact: Mutual funds' flow-performance sensitivity is a
hump-shaped function of aggregate risk-factor realizations. Explanations based on extant …

Using data from individual Census records on the wealth of managers' parents, we find that
mutual fund managers from poor families outperform managers from rich families. We argue …

We study how the arrival of macro-news affects the stock market's ability to incorporate the
information in firm-level earnings announcements. Existing theories suggest that macro and …

Economic downturns create uncertainty about a firm's operations and make it
disproportionately harder for outside market participants to assess the firm's prospects. We …

In this paper, I model how climate risk disclosure affects investors' ability to use the financial
market to share climate risk. In stark contrast to the Hirshleifer effect, when investors face …

This paper explores how mutual fund groups set the price of in-house transactions among
affiliated funds. We collect a data set of four million equity transactions and compare the …