Government influence on private industry is thought to be substantial. However, the channels of that influence and even the consistency of an effect, are unclear. Prior studies primarily approach the question of this influence based on legislation or political parties, and this has led to...

Using standardized abnormal turnover to proxy for disagreement, we find that cryptocurrencies with high disagreement experience significantly lower future returns that cannot be explained by common risk factors and various coin characteristics. In addition, we show that (i) when short-sale...

One in three deals in the early-stage financing market involves an investor and founder from the same alma mater. We show that founders' connections to early-stage investors through shared education networks are more important than school academic quality or shared geography in facilitating...

Business School faculty salaries are strongly correlated with top-ranked-journal publications. However, publishing outside the top-ranked journals is rewarded differently across fields, and the rewards are significantly lower in finance for publication outside of the “Top-3” (JF, JFE, RFS)....

We study the relationship between buyout and venture capital (VC) funds' returns, and more typically available proxies - exits via M&A or IPO. We further explore the effects of filters on the selection of M&As and IPOs (to emphasize successes), on the relationship. We show that some of these...

Firm investment-stock price sensitivity declines in S&P500 index membership, consistent with indexing undermining the “feedback” channel. To address endogeneity, we show that non-indexed focal firm investment is less sensitive to stock prices of peer firms in the index. Results are...

We study the effect of competition on firm innovation at the product level. We instrument shocks to competition in therapeutic areas with the FDA's breakthrough designation therapy (BTD) indication. BTDs strongly associate with several indicators of future success, including announcement returns...