Senior Fellows/Fellows

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Senior Fellows/Fellows

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Jun 2025

The Effect of New Information Technologies on Asset Pricing Anomalies

David HIRSHLEIFER, Liang MA
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

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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