Do investors anticipate that demands for racial equity will impact companies? We explore this question in the context of the Black Lives Matter (BLM) movement--the largest racially motivated protest movement in U.S. history--and its effect on the U.S. policing industry using a novel dataset on...

Reverse auctions are considered a fast and inexpensive price discovery tool to award procurement contracts and it is often desirable to award contracts to more than one supplier. We propose a new procurement procedure that is based on a reverse auction. Shares are allocated endogenously,...

I document a beneficial effect of the government's participation in product markets. Exploiting the 2008-09 financial crisis as a natural experiment, I show that federal procurement contracts insulate government contractors' performance from the crisis. By 2009, government contractors had 19%...