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  • Influence
The Politics of Government Investment
This paper investigates the relation between corporate political connections and government investment. We study various forms of political influence, ranging from passive connections between firmsExpand
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Safer Ratios, Riskier Portfolios: Banks’ Response to Government Aid
Using novel data on bank applications to the Troubled Asset Relief Program (TARP), we study the effect of government assistance on bank risk taking. Bailed-out banks initiate riskier loans and shiftExpand
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Divisional Managers and Internal Capital Markets
Using hand-collected data on divisional managers at S&P 500 firms, we study their role in internal capital budgeting. Divisional managers with social connections to the CEO receive more capital.Expand
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Firms have an incentive to manage media coverage to influence the outcome of important corporate events. We investigate this hypothesis by studying corporate press releases during mergers. UsingExpand
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Rumor Has It: Sensationalism in Financial Media
The media has an incentive to publish sensational news. We study how this incentive affects the accuracy of media coverage in the context of merger rumors. Using a novel dataset, we find thatExpand
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Winners in the Spotlight: Media Coverage of Fund Holdings as a Driver of Flows
We show that media coverage of mutual fund holdings affects how investors allocate money across funds. Fund holdings with high past returns attract extra flows, but only if these stocks were recentlyExpand
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In the mood for a loan: The causal effect of sentiment on credit origination
We study how loan officers’ mood affects their decisions on mortgage applications. Motivated by psychological evidence, we use three mood proxies: (1) outcomes of key sporting events such as theExpand
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Who Writes the News? Corporate Press Releases During Merger Negotiations
type="main"> Firms have an incentive to manage media coverage to influence their stock prices during important corporate events. Using comprehensive data on media coverage and merger negotiations, weExpand
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Clouded Judgment: The Role of Sentiment in Credit Origination
Using daily fluctuations in local sunshine as an instrument for sentiment, we study its effect on day-to-day decisions of lower-level financial officers. Positive sentiment is associated with higherExpand
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We investigate the determinants of capital allocation to financial institutions under the Troubled Asset Relief Program (TARP). We find that banks’ political ties play a significant role in TARP fundExpand
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