We study how uncompensated research and development (R&D) spillovers - the leakage of proprietary information through imitation or theft - affect firms’ investment decisions. Using variation in property rights protections across different regions within China we find that 1) uncompensated...

We hypothesize that a source of commonality in a stock's liquidity arises from correlated liquidity demand of the stock's investors. Focusing on correlated trading of mutual funds, we find that stocks with high mutual fund ownership have comovements in liquidity about twice as large as those for...

We examine whether corporate governance differences affect firm valuation in cross-border mergers. We find that takeover premiums are decreasing in the quality of the foreign acquirer’s home country governance for deals completed with stock, suggesting that the acquirers compensate target...