Working Papers

Working Papers / Works in Progress

Edward Sul, Sean Wang, and Vivi Zhu. "Fear Cautions, Anger Commands: Information in Managerial Vocal Emotion." 

• Revising for Second Round Resubmission at Contemporary Accounting Research

• Managerial vocal emotion is informative - fear signals caution and latent downside risk, while anger signals confidence and conviction. 

Keywords: Vocal Emotion, Machine Learning, Behavioral Biases, Disclosure, Conference Calls, Soft Information

Gilles Hilary, Edward Sul, Xiaoli Tian, and Miaomiao Yu. "Echo Chambers or Engine Rooms? Workplace Political Homogeneity, Labor Market Sorting, and Corporate Innovation." 

• Revising for Resubmission at Management Science 

• Partisan homogeneity among employees in the workplace have important implications for employees and firms. 

• Keywords: Labor, Workplace Diversity, Partisan Gap, Organizational Behavior

Ashiq Ali, Jongha Kim, Jedson Pinto, and Edward Sul. "When Shorts Go Public: Mandatory Short Position Disclosure and Management Guidance." 

• Firms respond to mandatory public disclosure of large short positions by improving voluntary disclosure as a defensive mechanism.

• Keywords: EU236 Rule, Regulation, International Accounting, Voluntary Disclosure, Corporate Governance, Information Production, Short Selling

Hyun Jung Rim and Edward Sul. "Instituional Blockholder Exit Threats and Corporate Social (Ir)responsibility." 

• Large institutional blockholders discourage both socially irresponsible and responsible behavior that may not benefit shareholders.

• Keywords: Corporate Governance, Exit Threats, CSR/CSI, ESG

Older Working Papers

Edward Sul. "Effects of FinTech and Crowdsourced Forecasting on Firms: Evidence from Estimize." 

• Coverage from a crowdsourced financial estimates platform leads affects firms in various ways, including increased firm value. 

• Keywords: FinTech, Estimize, Crowdsourced Forecasts, Information Production, Information Intermediaries

Hyun Jung Rim and Edward Sul. "Director Independence and Corporate Investment Efficiency: Evidence from Board Reforms Worldwide." 

• Director independence regulations improve the efficiency of how firms invest, especially in cutting back on overinvestment.

• Keywords: Corporate Governance, Regulation, International Accounting, Board Independence, Investment Efficiency