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The salience of ESG ratings for stock pricing: Evidence from (potentially) confused investors
(2021-10-08)
We exploit a modification to Sustainalytics' environmental, social, and governance (ESG) rating methodology, which is subsequently adopted by Morningstar, to study whether ESG ratings are salient for stock pricing. We show ...
Impact of public news sentiment on stock market index return and volatility
(2021-10-11)
Recent advances in natural language processing have contributed to the development of market sentiment measures through text content analysis in news providers and social media. The effectiveness of these sentiment variables ...
Expl(AI)ned: The impact of explainable artificial intelligence on cognitive processes
(2021-06-25)
This paper explores the interplay of feature-based explainable AI (XAI) techniques, information processing, and human beliefs. Using a novel experimental protocol, we study the impact of providing users with explanations ...
The carrot and the stick: Bank bailouts and the disciplining role of board appointments
(2021-07-08)
We empirically examine the Capital Purchase Program (CPP) used by the US government to bail out distressed banks with equity infusions during the Great Recession. We find strong evidence that a feature of the CPP - the ...
Incentives, self-selection, and coordination of motivated agents for the production of social goods
(2021-07-24)
We study, theoretically and empirically, the effects of incentives on the self-selection and coordination of motivated agents to produce a social good. Agents join teams where they allocate effort to either generate ...
The Value of Firm Networks: A Natural Experiment on Board Connections
(2021-08-03)
We present causal evidence on the effect of boardroom networks on firm value and compensation policies. We exploit a ban on interlocking directorates of Italian financial and insurance companies as exogenous variation and ...
Discount rates, debt maturity, and the fiscal theory
(2021-10-12)
This paper examines how the transmission of government portfolio risk arising from maturity operations depends on the stance of monetary/fiscal policy. Accounting for risk premia in the fiscal theory allows the government ...
P2P Lending versus Banks: Cream Skimming or Bottom Fishing?
(2021-10-08)
We derive three testable predictions from a bank-P2P lender model of competition: (a) P2P lending grows when some banks are faced with exogenously higher regulatory costs, (b) P2P loans are riskier than bank loans, and (c) ...
The role of disclosure in green finance
(2021-08-23)
We study the design features of disclosure regulations that seek to trigger the green transition of the global economy and ask whether such regulatory interventions are likely to bring about sufficient market discipline ...
OTC Discount
(2021-10-08)
We document a sizable OTC discount in the interdealer market for German sovereign bonds where exchange and over-the-counter trading coexist: the vast majority of OTC prices are favorable compared to exchange quotes. This ...