Senior Fellows/Fellows

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Senior Fellows/Fellows

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Jun 2025

Social Interaction Intensity and Investor Behavior

Michael GELMAN, David HIRSHLEIFER, Yaron LEVI, Liron REITER-GAVISH
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

Trading in Twilight: Sleep, Mental Alertness, and Stock Market Trading

Hee-Seo HAN, David HIRSHLEIFER, Jinfei SHENG, Zheng SUN
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

Remote Work, Employee Mix, and Performance

Cevat Giray AKSOY, Nicholas A. BLOOM, Steven J. DAVIS, Victoria MARINO, Cem ÖZGÜZEL
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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Senior Fellows/Fellows

Personal Bankruptcy Law and Innovation around the World

Douglas CUMMING, Randall MORCK, Zhao RONG, Minjie ZHANG
Because corporate limited liability protects the founder’s personal assets, creditors often require founders of new, small and risky firms to contract around limited liability by pledging their personal assets as collateral for loans to their firms. This makes personal bankruptcy law (PBL) relevan...
Keywords: Personal bankruptcy law, innovation, patents, Cross-country study
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2025

Digital Technology, Legal Reforms, and Bank Lending

Yi HUANG, Yuchao PENG, Yangfan SUN, Nanxuan WANG, Bernard YEUNG
The introduction of online collateral auctions through legal reform has established a more efficient bankruptcy resolution mechanism. This technology-driven change has enhanced the ex-ante value of secured loans, influencing the supply, demand, and composition of bank lending. Using granular loan-le...
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