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 …

Utilizing transaction-level financial data, we explore how household consumption
responded to the onset of the COVID-19 pandemic. As case numbers grew and cities and …

Politics may color interpretations of facts, and thus perceptions of risk. We find that a higher
share of Trump voters in a county is associated with lower perceptions of risk during the …

Investor concerns about climate and other environmental regulatory risks suggest that these
risks should affect corporate bond risk assessment and pricing. We test this hypothesis and …

We study a newly designed survey administered to a large panel of wealthy retail investors.
The survey elicits beliefs that are important for macroeconomics and finance, and matches …

We use the state-mandated stay-at-home orders during the coronavirus pandemic as a
setting to study whether political beliefs inhibit compliance with government orders. Using …

Using proprietary financial data on millions of households, we show that likely‐Republicans
increased the equity share and market beta of their portfolios following the 2016 presidential …

We study the consumption response to typical labor income shocks and investigate how
these vary by wealth and race. First, we estimate the elasticity of consumption with respect to …

We use party-identifying language—like “liberal media” and “MAGA”—to identify Republican
users on the investor social platform StockTwits. Using a difference-in-difference design, we …

Is climate change partisanship reflected in residential decisions? Comparing individual
properties in the same zip code with similar elevation and proximity to the coast, houses …