Working Paper

Retail Bond Investors and Credit Ratings

Using comprehensive data on U.S. corporate bond trades since 2002, we find evidence that retail bond investors appear to over-rely on untimely credit ratings, neglect firm fundamentals, and misunderstand the trade-off between bond risk and yields. …

Board Diversity and Shareholder Voting

The lack of board diversity across gender and race has been one of the most controversial topics in corporate board governance in recent years. Given the central role that shareholders have in approving director appointments, we investigate whether …

Disclosure Processing Costs and Market Feedback Around the World

We study how disclosure processing costs affect managers’ ability to learn from their own firms’ stock price and incorporate this information into their investment decisions. To provide evidence on this issue, we examine country-level adoptions of …