We develop a model of a firm whose production process requires it to start and nurture a relationship with its … stakeholders and potential stakeholders can affect firm value. Our analysis indicates that while transparency (i.e., generating … information about a firm's quality) may improve the allocation of resources, a firm may have a higher ex ante value if information …

them. Of course transparency can improve the allocation of capital. However, when the information about the firm affects … the terms under which the firm transacts with its customers and employees, transparency can have an offsetting negative …, implying that increased transparency can lower firm value. In addition, we show that transparency can reduce the incentives of …

Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that … made firm-specific investments, may exert stronger claims than atomistic public shareholders have to shares of their firms …

for uncertainty exploiting differential firm exposure to exchange rate and price volatility. These results highlight why …

Combining confidential Census worker and firm data, we find three key results. First, employees at more productive …. Consequently, more productive firms have higher within-firm inequality. Our data suggests this is driven by their greater adoption … rising productivity can explain 40% of the rise in within-firm inequality since 1980 …

cycle. Next, we embed technological synergies in a general equilibrium model calibrated on firm-level data. We show that …