We construct and validate a text-based metric capturing firms' ex-ante exposure to cybersecurity risk, and we document that the rise of cyber threats is redesigning corporate innovation strategies. As firms' exposure to cybersecurity risk increases, managers' reliance on trade-secrets declines,...

There is no consensus in the literature regarding the financial consequences of megamergers in part due to the difficulty in establishing a good counterfactual. By comparing the performance of these deals to the performance of synthetic mergers constructed using a novel matching procedure, we...

We develop a novel metric of environmental corporate social responsibility (CSR) rivalry capturing the sustainability engagements of a firm relative to its “green” and “toxic” peers. We document that our measure has superior predictive power about firms' future pollution levels when...