This paper reviews the literature examining how costs of monitoring for, acquiring, and
analyzing firm disclosures–collectively,“disclosure processing costs”–affect investor …

This paper reviews, synthesizes, and critiques the capital market literature examining trading
volume around earnings announcements and other financial reports. Our purposes are to …

Using environmental, social, and governance (ESG) ratings from seven different data
providers for a sample of firms in the S&P 500 Index between 2010 and 2017, we studied …

Behavioral finance tries to make sense of financial data using models that are based on
psychologically accurate assumptions about people's beliefs, preferences, and cognitive …

We study sources of investor disagreement using sentiment of investors from a social media
investing platform, combined with information on the users' investment approaches (eg …

We find evidence of selective exposure to confirmatory information among 400,000 users on
the investor social network StockTwits. Self-described bulls are five times more likely to …

This paper explores the impact of investor flows and financial market conditions on returns in
crude oil futures markets. I argue that informational frictions and the associated speculative …

Using proprietary financial data on millions of households, we show that likely‐Republicans
increased the equity share and market beta of their portfolios following the 2016 presidential …

Partisan perception affects the actions of professionals in the financial sector. Linking credit
rating analysts to party affiliations from voter records, we show that analysts not affiliated with …

We develop a dynamic model of belief dispersion with a continuum of investors differing in
beliefs. The model is tractable and qualitatively matches many of the empirical regularities in …