We provide evidence that religiosity deters unethical corporate behavior. Firms headquartered in highly religious counties are less likely to backdate options, grant excessive compensation packages to their managers, practice aggressive earnings management, and be the target of class action...

We study how a firm's financial structure affects the intensity with which it competes in the product market. Using a sample of firms that raise significant amounts of capital, we study the extent of their non-price competition, as measured by their advertising expenditures, following this...

We present evidence that product market advertising has a direct effect on a firm's breadth of ownership and on the liquidity of its common stock. We find that firms that spend more on advertising, ceteris paribus, attract a significantly larger number of both individual and institutional...

This article examines the interaction between capital structure and advertising competition. Using a sample of firms that raise significant amounts of capital, we find that firms whose financial leverage has decreased as a result of their new funding increase their advertising significantly more...