Joey Engelberg

Republicans start more firms than Democrats, especially during Republican administrations.

Invited presentations: NBER Summer Institute (2021); Colorado Finance Summit (2021); HEC Paris Entrepreneurship Workshop (2021)

Six million Americans are registered to vote in two states and they strategically choose which state to vote in, preferring swing states and states that make it easy to vote.

Invited presentations: Northwestern University (Kellogg, 2023); Indiana University (Kelley, 2022); Univeristy of Colorado (Leeds, 2022)

Democratic inventors are more likely to patent (relative to Republicans) after the 2008 election of Obama but less likely after the 2016 election of Trump

We find investors show a large disposition effect only when their portfolio is at a loss and almost no disposition effect when their portfolio is at a gain.

Invited presentations: AFA Meeting (Philadelphia, 2019); CEPR Household Finance Conference (2018); NFA conference (2018); Florida Finance Conference (2018)

Papers published in economics journals whose first authors are famous have more citations than papers whose second or third authors are famous. Author order is alphabetical so these patterns are unrelated to underlying quality.

Invited presentations: AEA Meeting (online, 2021)

Financial regulators, especially SEC commissioners, are sounding more and more like politicians.

Invited presentations: SFS Cavalcade (2020); EFA Meeting (2021); Federal Reserve Board of Governors; UC Irvine (Merage); Stanford Accounting Camp (2018); FMA Meeting (2021); MFA Meeting (2021); University of Sussex; Wake Forest University

Bulls and bears place themselves in "echo chambers," i.e. they selectively expose themselves to information which confirms their already-held belief.

Invited presentations: Miami Behavioral Conference (2021); WFA Meeting (2021); Columbia University; Rice University; Texas Tech University; University of Rochester (Simon); London Business School; Georgetown University (McDonough); University of Colorado (Leeds); Finance in the Cloud III; Social Finance Day (Georgetown); Australasian AFBC Conference (2020); Midwest Finance Association (2021); SFS Cavalcade (2021); Institute for Behavioral and Household Finance Symposium (Cornell, 2021); Shanghai Financial Forefront Symposium (2021); China International Conference in Finance (2021); CQA Fall Conference (2021); European Economic Association (ESEM, 2021); Baruch (Zicklin); Carnegie Mellon (Tepper); Indiana (Kelley); Northwestern (Kellogg); London Business School

We find that Airbnb hosts in college towns set prices too high when football rivals come to town and lose money by doing so.

Invited presentations: AFA Meeting (Atlanta, 2019); FIRS Meeting (Savannah, 2019); Finance Down Under Conference (2018); Oregon Summer Finance Conference (2017); , Helsinki Finance Summit (2017); California Corporate Finance Conference (Loyola Marymount University, 2017); Vietnam International Conference in Finance (2017); China Europe International Business School; Southwestern University of Finance and Economics

We find that analysts’ price targets and recommendations contradict stock return anomalies.

Invited presentations: AFA Meeting (Philadelphia, 2018); Arizona State (Carey); Cornell (Johnson); Drexel (Lebow); INSEAD; University of Utah (Eccles); Case-Western (Weatherhead); Bentley; Naval Postgraduate School; University of Wisconsin-Milwaukee; University of Illinois at Chicago (Geis); University of Miami; Villanova University; Purdue University (Krannert); Michigan State University Conference on Financial Institutions (2016); UC Riverside’s Citrus Finance Conference 92018); UT Dallas Spring Finance Conference (2017)

We find that anomaly returns are much higher on news days.

Invited presentations: Chicago (Booth, 2016); UC Berkeley (Haas, 2015); UCLA (Anderson, 2015); Yale (SOM, 2015); Cornell University (Johnson, 2015); University of Washington (Foster, 2015); UC Irvine (Merage, 2015); Michigan State (Broad, 2015); University of Utah (Eccles, 2015); European Finance Association (Vienna, 2015); ESCP (2015); University of Missouri (Trulaske, 2015); University of South Florida (Muma, 2016); The Tinbergen Institute (2015); Depaul University (Driehaus, 2015); UC Riverside (Anderson, 2015); Arizona State (Carey, 2015); Temple University (Fox, 2015); Ben Graham Centre's 5th Symposium on Intelligent Investing (Ontario, 2016); Acadian Asset Management (Boston, 2016); Claremont McKenna College (2015); University of Tennessee Smoky Mountain Conference (Asheville, 2016); Miami Behavioral Finance Conference (Miami, 2015); SFS Cavalcade (Toronto, 2016)

We show that stocks for which the risk of going on special or being recalled is high (i.e., are less attractive for short-sellers) have low future returns

Invited presentations: Red Rock Finance Conference (Zion National Park, 2014); FSU Suntrust Beach Conference (Destin, 2014); FIRS Conference (Quebec City, 2014); UC Irvine (Merage, 2014); Conference on the Frontiers of Systemic Risk Modelling and Forecasting (Cambridge/LSE, 2014); Data Explorers Securities Financing Forum (New York, 2012); IMN Beneficial Owner’s International Securities Lending Conference (2013, New Orleans); Rodney L. White Center Conference on Financial Decisions and Asset Markets (Wharton, 2015); University of Michigan; University of Cambridge

We find evidence that firms located in geographic industry clusters have more efficient prices: they are more likely to be covered by analysts, held by mutual funds which already have a holding in the cluster and exhibit less price delay with respect to industry information.

Invited presentations: University of Southern California (2010); Rutgers University (2010); University of Washington (2010); UT Dallas (2010); Financial Intermediation Research Society Conference (2010, Florence); Sixth Annual Asset Pricing Retreat (2010, Amsterdam); American Finance Association Meeting (2011, Denver)

We use the rotations of United Methodist ministers in the state of Oklahoma to estimate the effect of individual pastors on religious participation.

Invited presentations: University of Southern California (Marshall, 2011); University of California - San Diego (Economics, 2011); University of Maryland (2011); University of Texas (McCombs, 2011); Columbia University (2011)

We find increases in hospitalizations - particularly for mental conditions - immediately after large declines in stock prices.

Invited presentations: AFA Meeting (2014); UC Berkeley (Haas, 2014); UC San Diego (Economics, 2013), UC Irvine (Merage, 2013); UC Berkeley (Economics, 2014); Michigan State (Broad, 2014); University of Miami (2014); University of Alabama (Culverhouse, 2013); Washington State University (2013); UIC (Chicago, 2014); Tulane University (Freeman, 2013); Arizona State University (Carey, 2013); Drexel University (Lebow, 2013); Georgia State University (Robinson, 2013); Southern California Finance Conference (Claremont McKenna, 2013)

We use search volume (for terms like "recession" and "inflation") to measure investor sentiment in real time and link investor sentiment to market-level returns, volatility and fund flows.

Invited presentations: NBER Behavioral Economics Meeting (Chicago, 2010); Western Finance Association Meeting (Victoria, 2010) Data:

We find that the interest rate a firm happens to borrow at last time influences its current borrowing costs. The evidence suggests that borrowers and lenders use past terms as "anchors" (Tversky and Kahneman [1974]), and that these seemingly irrelevant reference points influence future transactions.

Invited presentations: NBER Corporate Finance Meeting (Chicago, 2011); University of Michigan (2011); UC Irvine (Merage, 2011); SFS Cavalcade (2011); University of Washington (Foster, 2011); Florida State University (2011); AFA Meeting (Chicago, 2012), University of Oregon (Lundquist, 2012), Brigham Young University (Marriott, 2013), Tilburg University (2012), Erasmus University (Rotterdam, 2012), Duisenberg School of Finance (Amsterdam, 2012), Indiana University (Kelley, 2013)

We find that when a journal rotates to a new editor, members of the editor's network publish twice as many articles in the editor's journal. These "inside articles" have significantly higher ex post citation counts, suggesting that personal associations are used to improve selection decisions.

Invited presentations: New York University (Stern, 2011); Harvard University (HBS, 2011); University of Washington (Foster, 2011); University of Alberta (2011); Florida State University (2011), HKUST (2012), Singapore Management University (2012), University of Oklahoma (2012), Nanyang Technological University (2012), UC Irvine (Merage, 2012)

We estimate the size of each CEO's social network (rolodex) and show that CEOs with large networks earn more than those with small ones.

Invited presentations: Western Finance Association Meeting (Victoria, 2010)

We find that individual journalists of a well-known Wall Street Journal column influence aggregate market prices. Because these journalists are randomly assigned to the column (the day they write has nothing to do with market returns), we can identify a causal effect of media on aggregate market prices.

Invited presentations: University of Pennsylvania (Wharton, 2011); Boston College (2010); University of Arizona (2010); INSEAD (2010); University of Toronto (2010); FM/UC-Davis Napa Valley Conference (2011); SFS Cavalcade (Michigan, 2011)

We find short-sellers have much more profitable trades on news days than off news days, evidence that short-sellers' skill may be coming from their ability to process information in news events.

Invited presentations: Utah Winter Finance Conference (2010); American Finance Association Meeting (2011, Denver); University of Southern California (Marshall, 2011)

When firm employees share a personal connection with bank employees, loan terms are more favorable (lower rates and fewer covenants), and the firm experiences better ex-post performance (measured by credit quality and stock market returns).

Invited presentations: Texas Finance Festival (2010); University of Houston (2010); University of Washington (2010); Michigan State University (Broad); University of Rochester (Simon)

We investigate the return patterns around stock recommendations made on the CNBC show Mad Money hosted by Jim Cramer.

Invited presentations: Yale Whitebox Conference (2007)

We use Google search volume for stock tickers (e.g. "AAPL") as a new, direct measure of investor attention.

Invited presentations: PanAgora Asset Management Crowell Prize Competition (WINNER: First Prize, 2010); UC Irvine (Merage, 2009); NBER Market Microstructure Meeting (Cambridge, 2009); University of Georgia (2009); Chicago Quantitative Alliance Academic Competition (WINNER: First Prize, 2009); AFA Meeting (San Francisco, 2009); Fifth Annual Behavioral Science Conference (Yale, 2009); CEPR Summer Symposium (2010, Gerzensee)

Because it's challenging to disentangle the causal impact of media reporting from the impact of the events being reported, we solve this problem by comparing the behaviors of investors with access to different (local) media coverage of the same information event.

Invited presentations: Financial Research Association Conference (Las Vegas, 2009); Columbia University (2009); NBER Behavioral Economics Meeting (Cambridge, 2009); Texas A&M (2009); Western Finance Association Meeting (Victoria, 2010; WINNER: Best Empirical Finance Paper)

We use the Survey of Professional Forecasters to study the inference problem created by changing panel composition: a change in the average forecast can reflect changed views, changes in who responds, or both.