Publication

Seven Myths of ESG

Environmental, social and governance (ESG) considerations have dominated the discussion of corporate purpose in recent years. We examine commonly accepted notions about ESG that are foundational to the discussion but receive little critical analysis. …

Tick Size Tolls: Can a Trading Slowdown Improve Earnings News Discovery?

This study examines how an increase in tick size affects algorithmic trading (AT), fundamental information acquisition (FIA), and the price discovery process around earnings announcements (EAs). Leveraging the SECs randomized Tick Size Pilot …

From Implicit to Explicit: The Impact of Disclosure Requirements on Hidden Transaction Costs

This paper provides evidence that disclosing corporate bond investors' transaction costs (markups) affects the size of the markups. Until recently, markups were embedded in the reported transaction price and not explicitly disclosed. Without explicit …

Where's the Greenium?

In this study, we investigate whether investors are willing to trade off wealth for societal benefits. We take advantage of unique institutional features of the municipal securities market to provide insight into this question. Since 2013, states and …