We examine how disclosure delivery mode—oral versus written—influences investors'
reactions to managers' tone language. We hypothesize that listening to disclosures, relative …

Existing research suggests that retail trading is associated with volatility in financial markets.
To extend the literature, we study the dynamic effects of retail trading on volatility during the …

I examine how retail brokerages' digital engagement practices (ie, push notifications and
data visualization) impact retail investor information processing and trading. In my first …

This study investigates the impact of Robinhood investors' participation on the volatility of
American depository receipts (ADRs). Using data on Robinhood account holdings in 382 …

In January 2021, a curious event in the stock market caught the attention of the media,
regulators, and the public. A well-known struggling company dominated the headlines, not …

In this study, I investigate the impact of active option trading on stock market liquidity during
the COVID-19 lockdown, particularly in connection with the rapidly growing retail trading …

We explore after-hours trading (AHT) in US equity markets. We collect a large set of news
releases during AHT and document their effect on AHT activity and market quality. There are …

A semi-strong efficient market incorporates relevant new information immediately. Using an
event study, we investigate whether and to what extent regular earnings announcements of …

Index funds are an increasingly important part of the US stock market, with the average S&P
1500 firm having more than 20% of its equity held by index funds in 2018. Compared to …

COVID-19 emerged as a worldwide pandemic starting in late 2019. The world economy
experienced a major shock and many businesses and corporations went out of business …