Now showing items 41-50 of 239
Bribes and Firm Value
(2016-11)
I exploit the passage of the U.K. Bribery Act 2010 as a shock to U.K. firms’ cost of doing business in order to study the effect of bribes on firm value. Around the Act’s passage, U.K. firms operating in high-corruption ...
To B or Not To B? Understanding the Emergence of Social Entrepreneurship in the Financialized Economy
(2014-07)
This study aims at understanding the recent proliferation of social enterprises, a class of organizations explicitly committed to advancing non-financial stakeholders’ interests, against the historical backdrop of economic ...
The Plight of Women in Positions of Corporate Leadership in the United States, the European Union, and Japan: Differing Laws and Cultures, Similar Issues
(2019-11)
Gender diversity in corporate governance is a highly debated issue worldwide. National campaigns such as “2020 Women on Boards” in the United States and “Women on the Board Pledge for Europe” are examples of just two ...
Responding to Regulatory Uncertainty: Evidence from Basel III
(2016-11)
This paper examines how firms respond to proposed regulation. Specifically, we utilize the time period over which banking authorities discussed, adopted, and implemented Basel III to examine how banks responded to the ...
Looking in the Rear View Mirror: The Effect of Managers’ Professional Experience on Corporate Financial Policy
(2014-01)
We track the employment history of over 9,000 managers to study the effects of professional experiences on corporate policies. Our identification strategy exploits exogenous CEO turnovers and employment in other firms, in ...
Class Action Litigation after Dukes: In Search of a Remedy for Gender Discrimination
(2013-11)
In this Article we argue for substantial reforms to our system of combating workplace gender discrimination in light of the Supreme Court’s ruling in Wal-Mart Stores, Inc. v. Dukes. To help counter discrimination victims’ ...
Laudato Si and the Role of Religion in Shaping Humanity's Response to Climate Change
(2015-09)
There are many ways in which people have sought to make climate change personally salient and actionable through self-interest, such as national security and human health. But the Pope’s recent encyclical letter, Laudato ...
The Effect of Competition on Trade Patterns: Evidence from the Collapse of International Cartels
(2015-01)
How do changes in competitive intensity affect trade patterns? Some cartels may find it advantageous to eliminate cross-hauling and divide markets geographically. We exploit a quasi-natural experiment associated with ...
Dynamics of Bond and Stock Returns
(2015-04)
I present a production-based general equilibrium model that jointly prices bond and stock returns. The model produces time-varying correlation between stock and long-term default-free real bond returns that changes in both ...
Default Settings in Defined Contribution Plans – a Comparative Approach to Fiduciary Obligation and the Role of Markets
(2012-01)
Both the United States and Australia have increased the use of default settings in defined contribution (DC) plans such as 401(k)s. However, policy makers in the two countries have taken different approaches to important ...