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Does Greater Public Scrutiny Hurt a Firm's Performance?
Bennett, Benjamin; Stulz, René M.; Wang, Zexi - National Bureau of Economic Research - 2023
Public attention to a firm may provide valuable monitoring, but it may also have a dark side by constraining management's decisions and distracting it. We use inclusion in the S&P 500 index as a positive shock to public attention. Media coverage, Google searches, SEC downloads, SEC comment...
Persistent link: https://www.econbiz.de/10013537752
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Dividend Taxation and Firm Performance with Heterogeneous Payout Responses
Bilicka, Katarzyna A.; Guceri, Irem; Koumanakos, … - National Bureau of Economic Research - 2022
We analyze the short and long-run performance of firms that were differentially affected by a new tax on dividends in the lead-up to the Global Financial Crisis. We use exogenous policy variation for firms with different legal statuses and financial year-end dates to causally identify the policy...
Persistent link: https://www.econbiz.de/10013477300
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ChatGPT and Corporate Policies
Jha, Manish; Qian, Jialin; Weber, Michael; Yang, Baozhong - National Bureau of Economic Research - 2024
We create a firm-level ChatGPT investment score, based on conference calls, that measures managers' anticipated changes in capital expenditures. We validate the score with interpretable textual content and its strong correlation with CFO survey responses. The investment score predicts future...
Persistent link: https://www.econbiz.de/10014486252
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Demand Conditions and Worker Safety : Evidence from Price Shocks in Mining
Charles, Kerwin Kofi - 2019
of increasing safety rather than production. We study the U.S. metals mining sector, leveraging exogenous demand shocks …
Persistent link: https://www.econbiz.de/10012480345
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Optimal Resource Extraction Contracts Under Threat of Expropriation
Engel, Eduardo - 2008
The government contracts with a foreign firm to extract a natural resource that requires an upfront investment and which faces price uncertainty. In states where profits are high, there is a likelihood of expropriation, which generates a social cost that increases with the expropriated value. In...
Persistent link: https://www.econbiz.de/10012464906
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The Long Run Effects of Labor Migration on Human Capital Formation in Communities of Origin
Dinkelman, Taryn - 2016
We provide new evidence of one channel through which circular labor migration has long run effects on origin communities: by raising completed human capital of the next generation. We estimate the net effects of migration from Malawi to South African mines using newly digitized Census and...
Persistent link: https://www.econbiz.de/10012456625
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Mining and Quasi-Option Value
Costello, Christopher - 2015
damage. As expected, when the environmental damage from mining is known, the socially optimal timing will depend on the … mining until better information arrives. We show conditions under which it is optimal to postpone the mining decision … marginal mine owner is completely indifferent between mining immediately and at any point in the future. Thus, for our problem …
Persistent link: https://www.econbiz.de/10012457342
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Entrepreneurship and Urban Growth : An Empirical Assessment with Historical Mines
Glaeser, Edward L. - 2012
mining deposits is associated with bigger firms and fewer start-ups in the middle of the 20th century. We use mines as an … cold and warm regions alike and in industries that are not directly related to mining, such as trade, finance and services …
Persistent link: https://www.econbiz.de/10012460330
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Secrecy Rules and Exploratory Investment : Theory and Evidence from the Shale Boom
Covert, Thomas R.; Sweeney, Richard L. - National Bureau of Economic Research - 2022
We analyze how information disclosure policy affects investment efficiency in non-cooperative settings with information externalities. In a two-firm, two-period model, we characterize equilibrium behavior under policies which disclose whether investment returns exceed a predefined level. These...
Persistent link: https://www.econbiz.de/10013435110
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Q-Monetary Transmission
Jeenas, Priit; Lagos, Ricardo - National Bureau of Economic Research - 2022
We study the effects of monetary-policy-induced changes in Tobin's q on corporate investment and capital structure. We develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the evidence, and quantify the relevance for monetary...
Persistent link: https://www.econbiz.de/10013210051