Cash holding is on average more valuable when firms are managed by overconfident CEOs. Economically, having an overconfident CEO on board is associated with an increase of $0.28 in the value of $1.00 cash holding. The positive effect of CEO overconfidence on the value of cash concentrates among...

We examine the causal effects of terrorism on inventor productivity and mobility. During the five-year window after terrorist attacks, inventors close to the strikes are more likely to move to distant companies. While the inventors that continue working for firms near the attacks exhibit a...

We find that firms invest more to build up corporate social capital, as measured by corporate social responsibility (CSR) intensity, when facing high economic policy uncertainty (EPU). The results are robust to endogeneity concerns. The effects are more pronounced for firms in consumer-oriented...