Nearly half of U.S. employers test job applicants and workers for drugs. I use variation in the timing and nature of drug testing regulation to study discrimination against blacks related to perceived drug use. Black employment in the testing sector is suppressed in the absence of testing,...

Most contracts that individuals enter into are not written from scratch; rather, they depend upon forms and terms that have been successful in the past. In this paper, we study the structure of form construction contracts published by the American Institute of Architects (AIA). We show that...

Nearly half of U.S. employers test job applicants and workers for drugs. I use variation in the timing and nature of drug testing regulation to study discrimination against blacks related to perceived drug use. Black employment in the testing sector is suppressed in the absence of testing,...

This paper provides a new interpretation of the early rise of rating agencies in the United States (initially known as Mercantile Agencies). We explain this American exceptionality through an inductive approach that revisits the conventional parallel with the UK. In contrast with earlier...

This paper examines the economic consequences of institutional investors outsourcing research and voting decisions in public company elections to proxy advisory firms. We investigate the implications of these decisions in the context of shareholder say-on-pay voting required in 2011 under the...

We analyze the trading of corporate insiders at leading financial institutions during the 2007 to 2009 financial crisis. We find strong evidence of a relation between political connections and informed trading during the period in which TARP funds were disbursed, and that the relation is most...

This paper discusses the design and analyzes the potential benefits and costs of executive pay package policy within the US 2009 Emergency Economic Stabilization Act (EESA), commonly known "Bailout". It shows that the ultimate effect of the EESA on executive compensation is generally difficult...