We estimate firm-specific marginal cost of debt functions for a large panel of companies between 1980 and 2007. The marginal cost curves are identified by exogenous variation in the marginal tax benefits of debt. The location of a given company's cost of debt function varies with characteristics...

How do elites mobilize commoners to participate in a war? How does war mobilization affect elite power after the war? We argue that these two questions are interconnected, as elites mobilize war often because war benefits them. We demonstrate these relationships using the setting of the...

This study investigates how enhanced regulation can promote innovation, focusing on the impacts of a significant regulatory reform in China's pharmaceutical sector implemented in 2015. Inspired by regulatory practices in the U.S., the reform aimed to address application backlogs and reduce...