We examine the introduction of fractional trading and its impact on retail security ownership.
Fractional trading aims to increase investor access to securities with high prices. Over the …

We investigate how information choices affect equity returns and risk. Building on an existing
theoretical model of information and investment choice, we estimate a learning index that …

Using marketable order flow data, we analyze key characteristics of aggregate retail
exchange‐traded fund (ETF) investing from 2010 to 2021, including allocations, holding period and …

Using large reductions in import tariffs as an exogenous shock to the competitive environment,
this paper examines how an increase in foreign competition affects the importance of …

One of the main explanations for the idiosyncratic volatility (IVOL) puzzle (ie, the negative
relation between lagged IVOL and returns) is a missing risk factor. We show, analytically, that if …

Reliable excess returns from active portfolio management derive from informed trading. This
article investigates the information content of informed trading in the equity market and the …

We conduct the first analysis of FinTech Retail Access programs for IPO share allocations.
Issued largely by consumer-facing companies, these “Retail IPO” stocks underperform …

In this dissertation, I investigate the empirical relationship between investors’ information
choices and the cross-section of risk and return in the equity market. My analysis builds upon …

Efficient, accurate numerical simulation of coupled heat transfer and fluid dynamics systems
continues to be a challenge. Direct numerical simulation (DNS) packages like FLU-ENT …

We use various samples of portfolios (Fama-French portfolios formed on size and book-to-market,
Fama-French industry portfolios, and exchange traded funds) as test assets to …