The US Congress introduced the Patent Pilot Program (PPP) in 2011, which allowed judges with expertise (as opposed to randomly selected judges) to preside over more patent cases to facilitate efficient ruling. We find firms in counties subject to the PPP increased patent-based innovation by...

We study whether private firm public financial statements influence the probability of raising venture capital (VC) and private equity (PE) financing. We hypothesize that private firms' public financial statements can help the VC/PE search process by providing a less costly screening tool to...

We examine the strategic choice of peer comparables in fairness opinions (FOs) used in M&A valuations. Using a hand-collected sample of peer comparable analyses and a regulatory shock to appraisal lawsuit risk, we show that target-sought FOs employ lower-valued peers when litigation risk is...

We study the sources of demand for accounting comparability. We hypothesize that U.S. investorsinterested in investing in a foreign firm potentially have two different types of demands forcomparability: (i) comparability to U.S. firms which report under U.S. GAAP (which we label asU.S....

We hypothesize that prior evidence of target shareholder capital gains tax liabilities affecting acquisition features is driven by the tax liabilities of the target firm CEO. To test this, we estimate CEOs' capital gains tax liabilities for a large sample of acquisitions and examine the effects...

We investigate whether managers internalize the spillover effects of their disclosure on the stock price of related firms and strategically alter their disclosure decisions when doing so is beneficial. Using data on firm-initiated disclosures during all-cash acquisitions, we find evidence...

We use the staggered introduction of a major financial reporting regulation worldwide to study whether firms make financing decisions consistent with the pecking order theory. Exploiting cross-country and within country-year variation, we document that treated firms increase their issuance of...

We develop a novel methodology for studying the causal impact of announcement timing. Our methodology uses firms' earnings announcements and leverages quasi-exogenous variation attributable to the specific day-of-week on which a calendar month begins. We refer to the resulting variation in...