We study factors influencing individuals' decisions to purchase Citibank stock during the 1920s. Ownership was encouraged by proximity to New York and higher wealth. Lack of familiarity was also an important barrier. The establishment of Citibank branches within a U.S. county or a foreign...

This appendix contains additional figures and tables referenced in the paper, but not included in the main figures and tables. It contains the geographic distribution of shareholders and a visualization of the business network. It includes alternative specifications for the county-level and...

We study factors influencing individuals' decisions to purchase Citibank stock during the 1920s. Ownership was encouraged by proximity to New York and higher wealth. Lack of familiarity was also an important barrier. The establishment of Citibank branches within a U.S. county or a foreign...

We study factors influencing individuals' decisions to purchase Citibank stock during the 1920s. Citibank stock had a very high price per share and was only an investment option for wealthy people. The willingness to own shares was encouraged by proximity to New York, but constraints related to...

Managers' incentives may conflict with those of shareholders or creditors, particularly at leveraged, opaque banks. Bankers may abuse their control rights to give themselves excessive salaries, favored access to credit, or to take excessive risks that benefit themselves at the expense of...

Managers' incentives may conflict with those of shareholders or creditors, particularly at leveraged, opaque banks. Bankers may abuse their control rights to give themselves excessive salaries, favored access to credit, or to take excessive risks that benefit themselves at the expense of...

Assessing the extent to which agents or firms face capital-market imperfections and quantity restrictions on credit is crucial for measuring intertemporal tradeoffs in consumption or the cost of capital for investment. In contrast to standard price-clearing, quot;full-informationquot; models of...

We derive a measure of firm-level regulatory costs from the text of corporate earnings calls. We then use this measure to study the effect of regulation on companies' operating fundamentals and cost of capital. We find that higher regulatory cost results in slower sales growth, an effect which...

Assessing the extent to which agents or firms face capital-market imperfections and quantity restrictions on credit is crucial for measuring intertemporal tradeoffs in consumption or the cost of capital for investment. In contrast to standard price-clearing, "full-information" models of loan...

Prior research demonstrates that mortality rates increase during economic booms and decrease during economic busts, but little analysis has been conducted investigating the role of environmental risks as potential mechanisms for this relationship. We investigate the contribution of air pollution...