This paper explores the connection between tenant riskiness, commercial lease length and the term structure of lease contracts. Theory shows that the possibility of default on a long-term lease generates a risk/lease-length connection. The empirical work uses a large CompStak lease dataset...

In the U.S. real estate market, around 30 percent of listed properties remain unsold. We examine whether unsold property listings exert externalities in the housing market. Our study builds on a comprehensive dataset that encompasses residential property listings in Orange County (California)...

We embed a North-South trade model into an incomplete contracts setting where the production of heterogeneous firms can be geographically separated. When a Northern headquarter contracts with a Southern supplier instead of a Northern supplier, the presence of international incomplete contracts...

This paper analyzes the initial impact and recovery of globally engaged firms from the COVID-19 crisis. It uses rich survey data of nearly 65,000 firm-year observations in 45 countries spanning three waves of data collection. The findings are organized in a series of stylized facts, which...

The main aim of this paper is to assess whether there is a statistically significant environmental impact of cities within European countries. Second, starting from the estimated environmental impact of cities within European countries, the paper investigates whether cross-country variation can...

Better managers and managerial practices lead to better firm performance. Yet, little is known about what happens when managers move across firms. Does a firm hiring a good manager improve its performance? If yes is there some valuable knowledge the manager has acquired and successfully diffused...

Our study provides empirical insights into the extent to which differential market demographics and differential competition environments affect product prices. Using big data, we find that price variations are caused mainly by differential competitive environments. More specifically, we find...

This paper studies the causal effect of technology and knowledge transfers on early industrial development. Between 1950 and 1957, the Soviet Union supported the "156 Projects" in China for building technologically advanced industrial facilities. We exploit idiosyncratic delays in project...