Despite evidence of the importance sleep for cognitive performance, prior research finds limited effects disruptions on financial markets. This is puzzling because decisions rely higher-order processes that are typically affected by sleep. We reconcile this dissonance examining forecasts corporate earnings nonprofessional and professional forecasters. find forecasters exhibit a significant decline in their forecast accuracy following spring daylight saving time changes relative to Using...

Abstract I examine how changes in analysts' workloads affect their information production. Examining determinants of production is important because analyst research affects stock prices and capital allocation decisions. Using periods when analysts work on IPOs to proxy for shocks workloads, predict find that the accuracy, quantity, timeliness forecasts non‐IPO firms decline they are working IPOs, herd closer consensus. The reductions quality larger less experienced analysts, portfolio...

Abstract We test the effect of going public on economic growth in areas surrounding initial offering (IPO) firms. compare effects IPO filers that complete their IPOs with those do not, using post-filing stock market fluctuations as an instrument for completion. show are large relative to size counties lead a 1.1 percentage point reduction annual county-level establishment growth, similar employment and population growth. There no corresponding relatively small IPOs. These negative appear be...

We find that areas hosting large companies go public experience muted growth in employment, establishments, and population, relative to where similar firms remain private. These effects initiate the tradable sector follow non-tradable sector, are more pronounced densely populated areas, strongest near IPO firm’s headquarters. Establishment-level analyses suggest 24% 37% of effect derives directly from firm itself with remaining portion being due spillover effects. Overall, our results...

Trade secret theft, and more broadly intellectual property (IP) have resurfaced to the public attention amid U.S.-China geopolitical conflict. In this paper, we document detrimental effects of IP theft on innovation at targeted firms whose trade secrets are stolen. Following display a persistent drop in outcomes, including number patents, patent value, impact. These experience decline profitability, indicating that hurts their economic prospects. Importantly, adverse also spill over business...

The JOBS Act allows certain analysts to be more involved in the IPO process, but does not relax restrictions on analyst compensation structure. We find that these initiate coverage is optimistically biased, less accurate, and generates smaller stock market reactions. Investors purchasing shares following initiations lose over 3% of their investment by firm’s subsequent earnings release. By contrast, issuers, analysts, banks appear benefit from this increased bias, as optimism positively...

I examine how changes in analysts' workloads affect their information production. Examining determinants of production is important because analyst research affects stock prices and capital allocation decisions. Using periods when analysts work on initial public offerings (IPOs) to proxy for shocks workloads, predict find that the accuracy, quantity, timeliness forecasts non-IPO firms decline they are working IPOs, herd closer consensus. The reductions quality larger less experienced...

Private firms are more geographically constrained than their public counterparts. After initial offerings (IPOs), complete diverse acquisitions. Underwriter certification and access to underwriter networks positively predict this expansion. Neither the amount of capital raised in an IPO nor follow-on predicts geographic Post-IPO expansion also manifests using measures establishment distribution or SEC filings mentions, intensive margin tests indicate that is driven by simply post-IPO M&A...

IPO underwriters face conflicting interests between issuers and institutional investors. The underwriter's decision of how widely to market an offer plays a crucial role in they manage these interests, as greater marketing breadth is beneficial but can be costly underwriters' reputations with preferred clients because increased share rationing. We introduce novel measure using the number prospectuses distribute during roadshow empirically examine this tradeoff. find that more when expected...

We study passive funds' conflicts of interest by examining their securities lending decisions. show that varies with the costs for families. Passive funds are less likely to lend a security if (i) active in families have sizable stake or (ii) business relationships security's issuer. The effect these is especially strong among in-house agents retain high fraction fees. findings indicate trade off maximizing investor returns fund family value.

We conduct the first analysis of FinTech Retail Access programs for IPO share allocations. Issued largely by consumer-facing companies, these “Retail IPO” stocks underperform contemporaneous an average 17 percentage points over 9 months, even after adjusting issuer size, quality, valuation, and industry. exhibit much higher fractional trade volume IPO, consistent with greater retail trading, this is a significant negative predictor longer-run post-IPO stock returns, on average. Consistent...

We test the effect of going public on economic growth in areas surrounding IPO firms. focus IPO-filing firms, thus ensuring that both treatment and control firms are at similar life cycle stages. then use post-filing stock market fluctuations as an instrument for completion show counties hosting large companies go experience reduced employment, establishments, population. These negative effects suggest substantial spillovers location hiring decisions other businesses close geographic...

Local opioid abuse reduces net worker inflows, taxable income, high skilled labor, corporate and aggregate innovation, new business creation, job growth from start-ups in affected areas, holding socioeconomic conditions constant. Changes house prices, parks recreation expenditures, dollar store establishments indicate a decline local resources amenities as channel for these negative effects of on human capital innovation. Our results are robust across diff-in-diff IV identification...

An inherent benefit of fair value accounting relative to historical cost is that it impounds relevant information into financial statements in a timely manner. Assessing the extent which this realized, however, often impossible because updates for individual assets are usually unobservable. To circumvent problem, we exploit increasing trend mutual funds investing private companies. Although securities issued by these companies not publicly traded, required report they assign on quarterly...

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