We evaluate the impact of the credit conditions facing corporations on their emissions of toxic air pollutants. Exploiting cross-county, cross-time shale discoveries that generated liquidity windfalls at local bank branches, we construct measures of (1) the degree to which banks in non-shale...

Theory offers differing perspectives and predictions about the impact of product market competition on corporate social responsibility (CSR). Using firm-level data on CSR from 2002 through 2015 and panel data on competition laws in 48 countries, we discover that (1) intensifying competition...

We evaluate the connection between corporate characteristics and the reaction of stock returns to COVID-19 cases using data on over 6,700 firms across 61 economies. The pandemic-induced drop in stock returns was milder among firms with (a) stronger pre-2020 finances (more cash and undrawn...

We examine the impact of competition laws on innovation. We create a unique firm-level dataset on patenting activities that includes over 1.2 million firm-year observations, across 66 countries, from 1991 through 2015. Using a new, comprehensive dataset on competition laws, we find that more...

We evaluate the impact of the African slave trade between 1400 and 1900 on modern household finance. Exploiting cross-country and cross-ethnic group differences in the intensity with which people were enslaved and exported from Africa, we find that slave exports during the 1400-1900 period are...

Given the importance of transparency for the governance, efficiency, and stability of banks, we evaluate whether economic shocks that relax a bank's dependence on external capital markets alter the cost-benefit calculations of bank managers concerning voluntary information disclosure. We measure...

Are firms more resilient to systemic banking crises in economies with higher levels of social trust? Using firm-level data in 34 countries from 1990 through 2011, we find that liquidity-dependent firms in high-trust countries obtain more trade credit and suffer smaller drops in profits and...