We examine how the patterns of inter-industry trade flows impact the transfer of information and economic shocks. We provide evidence that the intensity of transfers depends on industries' positions within the economy. In particular, some industries occupy central positions in the flow of trade,...

The properties of earnings have changed dramatically over the past 40 years. Prior studies interpret this trend as a decline in earnings quality but disagree on whether it results from changes in the real economy or changes in accounting standards. I find that each new cohort of listed firms...

Regulators have alleged that digital giants (Alphabet, Facebook, Microsoft, Apple, and Amazon) have misused their market power to earn abnormal profits. Research that systematically documents whether technology firms earn abnormal profits is limited, arguably because (i) U.S. GAAP based...