Using granular barcode-level sales data from retail stores, we show that environmental and social ratings are positively related to local sales, especially in counties with more Democratic-leaning and higher-income households. Higher ratings of a firm's product market rivals negatively affect a...

We find that institutional investors' local culture of religiosity influences their stock lending decisions and short-sell constraints. Firms with higher ownerships by blockholders located in more religious counties are associated with higher utilization of lendable shares. This effect is driven...

Firms rely on patenting and trade secrecy to protect their intellectual property. We study how changes in the trade-off between patenting and secrecy affect firms' stock liquidity and financing outcomes. We show that an international trade agreement (TRIPS) that strengthened patent protection...

We examine whether renter protection encourages entrepreneurship by reducing household vulnerability in home-rental markets. Passages of just cause eviction ordinance in three Californian cities are associated with a 9.6% increase in the number of new firms, and the increase is greater for firms...