We find that labor market frictions affect a firm’s choice of growth strategy. Using the passage of the good faith exception as an exogenous shock to the cost of dismissing employees, firms significantly increase their strategic alliance activities, replacing internal investments and...

We find that CEO turnover is significantly higher and considerably less sensitive to performance in firms with short investor horizons. Decisions to dismiss a CEO lead to worse operating performance, which is even poorer when investors have short horizons. Further, new managers respond to...

We examine activist short sellers’ real impacts on their target firms using a novel dataset of new product introductions (NPIs). We document that target firms experience declines in NPIs relative to their matched control firms after being targeted. Target firms also experience reductions in...

Firms with female CEOs receive more shareholder proposals, especially lower-quality proposals, than firms with male CEOs. Institutional investors are more likely to sponsor environmental/social proposals that are ultimately withdrawn after private negotiations, while individual investors sponsor...