This study examines the relation between the degree of innovation disclosed in new product announcements (NPAs) and future firm performance. Using a new text-based measure of the amount of innovation disclosed in NPAs, we find that higher innovation disclosure predicts favorable future sales and...

This paper studies the consequence of reduced cartel enforcement on firm performance. The Department of Justice (DOJ) closed four Antitrust Division field offices in the movement of “Disposing of Unneeded Federal Real Estate”. We find that after the field offices closure, the likelihood of...