Social learning is the updating of beliefs based on observation of others. Such observation
can lead to efficient aggregation of information, but also to inaccurate decisions, fragility of …

This study investigates whether a private firm's decision to go public affects the IPO
decisions of its competitors. Using detailed data from the drug development industry, we …

We examine the role of non-venture private equity (PE) firms as intermediaries in the market
for corporate assets. We argue that, in order to create and capture value by acquiring …

This paper investigates how economic policy uncertainty (EPU) affects the response of a
firm's investment to its peers' stock prices. Using the news-based index developed by Baker …

Using hand-collected data on CEOs' personal assets, we find that CEOs prioritize corporate
investment projects that increase the value of CEOs' private assets. Such projects are …

We investigate the effects of delayed interactions on the stationary distribution of the noisy
voter model. We assume that the delayed interactions occur through the periodic polling …

In China's green finance system, green bonds, which strive to achieve balanced
development of ecological and economic goals, play a key role in promoting sustainable …

This paper investigates the effect of secrecy culture on the relationship between corporate
investments and stock prices. We argue that managers from secretive cultures are more …

We study the interaction of incentives to free‐ride on information acquisition and strategically
delay irreversible investment in environments in which multiple firms evaluate an investment …

Most people will agree that markets are complex systems, but they usually pay just lip
service to it. Until now, in financial economics, a mechanics paradigm has prevailed. Taking …