In this paper, I estimate the effect of mandatory greenhouse gas (GHG) emissions disclosure on corporate value. Using the introduction of mandatory GHG emissions reporting for firms listed on the Main Market of the London Stock Exchange as a source of exogenous variation, I find that firms most...

We examine the effect of the Jumpstart Our Business Startups (JOBS) Act on biotech startups, who conduct almost 40% of IPOs since 2012. Reduced compliance costs encourage innovation capital formation as biotech IPO volume increases 200% and proceeds rise by 30%. After the JOBS Act, biotech...

Bankruptcy filings are thought to be traumatic events that demoralize workers and spark employee flight. Using social media data, I present evidence suggesting that this belief is both accurate and, to a large extent, overstated. Online employee reviews show that employees of distressed firms...

This study examines the effect of short-selling threats on tax aggressiveness. The SEC’s Regulation SHO pilot program relaxed short-selling constraints for a sample of U.S. stocks, thus leading to an exogenous increase in short-selling threats for these pilot stocks. After controlling for...

I examine how mandatory extraction payment disclosures (EPD) ─ a policy solution intended to discourage corporate payment avoidance in the oil, gas, and mining industries ─ affect fiscal revenue contributions and investments by multinational firms in foreign host countries. Using the...

I examine how mandatory extraction payment disclosures (EPD)—a policy solution intended to discourage corporate payment avoidance in the oil, gas, and mining industries—affect fiscal revenue contributions and investments by multinational firms in foreign host countries. Using the staggered...

This paper studies whether and how mandatory nonfinancial disclosure affects firms’ real decisions. I exploit a disclosure regulation enacted in California, which mandates that firms disclose how they conduct due diligence to address their suppliers’ human rights abuses. I find that treated...

An important question in banking is how strict supervision affects bank lending and in turn local business activity. Forcing banks to recognize losses could choke off lending and amplify local economic woes, especially after financial crises. But stricter supervision could also lead to changes...

We investigate the effects of mandatory private Country-by-Country Reporting (CbCR) to European tax authorities on multinational firms' corporate real activities and organizational structures. We exploit the threshold-based application of this 2016 disclosure rule to conduct...