This paper develops a unified framework to synthesize the growing stream of positive
research on the role of individual decision makers in shaping observed accounting …

We provide a selective survey of empirical evidence on the effects as well as the drivers of
persuasive communication. We consider persuasion directed at consumers, voters, donors …

Most applications of game theory assume equilibrium, justified by presuming either that
learning will have converged to one, or that equilibrium approximates people's strategic …

We analyze how directors with financial expertise affect corporate decisions. Using a novel
panel data set, we find that financial experts exert significant influence, though not …

Security analysts tend to bias stock recommendations upward, particularly if they are
affiliated with the underwriter. We analyze how investors account for such distortions. Using …

We correlate analysts' forecast errors with temporal variation in investor sentiment. We find
that when sentiment is high, analysts' forecasts of one-year-ahead earnings and long-term …

This paper documents that mutual funds “herd”(trade together) into stocks with consensus
sell-side analyst upgrades, and herd out of stocks with consensus downgrades. This …

This paper uses volume arising from small trades to analyze the relationship between retail
investor trading behavior and the cross-section of future stock returns. The central finding is …

The effects of natural disasters on capital markets have been investigated by limited
evidence even though these calamities bring considerable damages or loss of life. To fill this …

We examine how a firm's incentive to commit fraud when going public varies with investor
beliefs about industry business conditions. Fraud propensity increases with the level of …