Senior Fellows/Fellows

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Senior Fellows/Fellows

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Jun 2025

Using friendship data from Facebook, we study the relationship between three aspects of social capital with household financial behavior. We find that the most important measure of social capital in explaining stock market and saving participation is Economic Connectedness, defined as the fraction o...
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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Jun 2025

We test and compare the effects of introduction of two new financial information technologies, EDGAR and XBRL, on well-known asset pricing anomalies often attributed to mispricing. EDGAR facilitates easier access to public accounting information about public firms; XBRL reduces the cost of processin...
Keywords: financial information technologies, anomalies, limited attention, limited processing power, stacked difference-in-differences, EDGAR, XBRL
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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Jun 2025

We document a causal effect of social interactions on investor behavior using the number of local soccer games as a measure of social interaction intensity. Social transmission is identifiable in buy but not sell trades. Social Interaction Intensity (SII) increases the sensitivity of buying to past ...
Keywords: Social Finance, Behavioral Finance, Retail Investor, Portfolio Choice, Peer Effects
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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Jun 2025

We test whether mental alertness, as proxied by sleep disruption, impairs investor trading performance. Using four complementary approaches, we document that retail investors who experience a later sunset time on average earn lower abnormal returns on their trades. These approaches include panel reg...
Keywords: Sleep, Mental alertness, Retail Investors, Trading performance, Attention, RDD
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Senior Fellows/Fellows

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Senior Fellows/Fellows

We study the shift to fully remote work at a large call center in Turkey, highlighting three findings. First, fully remote work increased the share of women, including married women, rural and smaller-town residents. By accessing groups with traditionally lower labor-force participation the firm was...
Keywords: work from home, remote jobs, workforce mix, productivity
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