In this study, we examine whether the key findings in Tang and Xiong (2012) hold in the
more recent sample years after their publication. We also explore the impact of …

Financial markets have a central role in allocating resources in modern economies. One of
the main functions of financial markets is the discovery of information. This information in …

A growing number offinancial institutions, ranging from BlackRock to the Bank of England,
have warned that markets may not be accurately incorporating climate change-related risks …

We investigate the new reality of exchange-traded funds (ETFs). We show that most ETFs
are active investments in form (designed to generate alpha) or function (serve as building …

We develop a rational expectations equilibrium model in which noise trading comes from
discretionary liquidity traders. The equilibrium quantity of aggregate noise trading is …

Each time a stock gets added to or dropped from an index, we ask:“How much money would
have to be tracking that index to explain the huge spike in rebalancing volume we observe …

We develop a benchmark model to study the equilibrium consequences of indexing in a
standard rational expectations setting. Individuals incur costs to participate in financial …

We provide a model to understand the effects of commodity futures financialization on
various market variables. We distinguish between financial speculators and financial …

We surveyed all Chinese public firms in 2019 and 2022 to examine the real effects of
financial markets. The response rates were close to 100%. More than 90% of firms reported …

This paper investigates how information uncertainty, measured through variation in the
informativeness of the public information environment, shapes the organizational design …