Behavioral finance studies the application of psychology to finance, with a focus on
individual-level cognitive biases. I describe here the sources of judgment and decision …

Behavioral finance argues that some financial phenomena can plausibly be understood
using models in which some agents are not fully rational. The field has two building blocks …

We model investing that considers environmental, social, and governance (ESG) criteria. In
equilibrium, green assets have low expected returns because investors enjoy holding them …

Using a quarterly sample of Chinese non-financial listed firms from 2007 to 2020, we find a
U-shaped relationship between economic policy uncertainty (EPU) and corporate …

An empirical q-factor model consisting of the market factor, a size factor, an investment
factor, and a profitability factor largely summarizes the cross section of average stock …

This study empirically investigates two effects of alternative data availability: stock price
informativeness and its disciplining effect on managers' actions. Recent computing …

This paper examines the impact of stock liquidity on firm bankruptcy risk. Using the
Securities and Exchange Commission decimalization regulation as a shock to stock liquidity …

Accruals are the non-cash component of earnings. They represent adjustments made to
cash flows to generate a profit measure largely unaffected by the timing of receipts and …

How does a green credit policy shape non-green firms' green innovation behavior? Previous
literature shows that the green credit policy stimulates the quantity of green innovation but is …

We find that innovative efficiency (IE), patents or citations scaled by research and
development expenditures, is a strong positive predictor of future returns after controlling for …