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  • Influence
The Causal Impact of Media in Financial Markets
It is challenging to disentangle the causal impact of media reporting from the impact of the events being reported. We solve this problem by comparing the behaviors of investors with access toExpand
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Friends with Money
When banks and firms are connected through interpersonal linkages – such as their respective management having attended college or previously worked together – interest rates are markedly reduced,Expand
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Comparing the Point Predictions and Subjective Probability Distributions of Professional Forecasters
We use data from the Survey of Professional Forecasters (SPF) to compare point predictions of gross domestic product (GDP) growth and inflation with the subjective probability distributions held byExpand
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Costly Information Processing: Evidence from Earnings Announcements
I examine the role of information processing costs on post earnings announcement drift. I distinguish between hard information - quantitative information that is more easily processed - and softExpand
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How are Shorts Informed? Short Sellers, News, and Information Processing
We find that a substantial portion of short sellers’ trading advantage comes from their ability to analyze publicly available information. Using a database of short sales combined with a database ofExpand
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An Anatomy of Pairs Trading: The Role of Idiosyncratic News, Common Information and Liquidity
"Pairs trading" involves taking a bet that the price paths of two stocks that have historically moved together will converge again after any divergence. Consistent with the view that profits to pairsExpand
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The Price of a CEO's Rolodex
CEOs with large networks earn more than those with small networks. An additional connection to an executive or director outside the firm increases compensation by about $17,000 on average, more soExpand
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Journalists and the Stock Market
We use exogenous scheduling of Wall Street Journal columnists to identify a causal relation between financial reporting and stock market performance. To measure the media's unconditional effect, weExpand
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Networks and Productivity: Causal Evidence from Editor Rotations
Using detailed publication and citation data for over 50,000 articles from 30 major economics and finance journals, we investigate whether network proximity to an editor influences researchExpand
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How are shorts informed
We find that a substantial portion of short sellers' trading advantage comes from their ability to analyze publicly available information. Using a database of short sales combined with a database ofExpand
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