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 develop a new measure of innovation using the text of analyst reports of S&P 500 firms.
Our text-based measure gives a useful description of innovation by firms with and without …

This paper provides novel evidence on the real and financial market effects of legal institutions.
Our analysis exploits persistent and externally imposed differences in court enforcement …

Early life exposure to local financial institutions increases household financial inclusion and
leads to long-term improvements in consumer credit outcomes. We identify the effect of local …

We use party-identifying language—like “liberal media” and “MAGA”—to identify Republican
users on the investor social platform StockTwits. Using a difference-in-difference design, we …

Prize-linked savings (PLS) accounts, which allocate interest using lottery payments rather
than fixed interest, encourage savings by appealing to households’ gambling preferences. I …

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 …

After the run on Silicon Valley Bank (SVB), US regional banks entered a period of significant
distress. We quantify social media’s role in this distress using comprehensive Twitter data. …

We examine social media attention and sentiment from three major platforms: Twitter,
StockTwits, and Seeking Alpha. We find that, even after controlling for firm disclosures and news, …

We provide new estimates of merger value creation by exploiting revealed preferences of
merging banks within a matching market framework. We find that merger value arises from cost …