Using hand-collected TV programming data and intra-day trading from China, we compare the trading, liquidity, and returns of on-show and off-show stocks in the same sector. Our difference-in-difference analysis reveals that post-show, off-show stocks experience significant improvements in...

Exploiting a 20-year sample of leveraged buyouts matched to French administrative data, we document that target firms post-buyout experience reduced within-firm wage inequality together with increased profitability relative to control firms. Pay gaps between men and women, managers and...

Using a difference-in-difference approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises (SOEs). Innovation increases after SOE privatizations, and this increase is larger in cities with...

In 2020, the average total director compensation in U.S. listed companies stood at $450,680, 6.67 times the median household income. Company pairs with shared directors have more similar pay than can be explained by size, industry, and performance. Following a landmark Delaware court ruling that...

We study the risk-taking behavior of stock analysts under varying market conditions. We examine how the risk analysts take by providing bold forecasts that deviate from consensus depends on the degree of uncertainty in the environment as well as the analysts' skill level. We provide evidence...

A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the acquisition of information about firms, its partial revelation through stock prices, capital allocation and income. The stock market allows investors to share their costly private...

We document a U-shaped relation between long-run excess returns after buyback authorization announcements and firm centrality in the input-output trade flow network. We rationalize this finding in a model in which investors are endowed with a large but finite capacity for analyzing firms....

Entrepreneurs undertake more R&D when financiers are better informed about their projects because they expect to receive more funding should those projects prove successful.Financiers learn more about projects when entrepreneurs perform more R&D because then the opportunity cost of misinvesting...