M&A deals in the US are done mostly at the domestic level. We examine the M&A performance of US acquirers during 1991-2014 based on the enhanced innovative capacity afforded by cross-border deals. We find that US firms engaging in cross-border M&A have superior innovative capacity, which results...

This study examines the impact of the prevalence of long-term equity-based CEO compensation incentives on GDP growth, and we address the moderating role of individualist versus collectivist cultures on this relationship. We argue long-term incentives given to CEOs in some firms may convey to...

We apply a dictionary method to Standard & Poor’s Capital IQ microdata on CEO changes, in order to construct a country-level manager turnover index. Next, we study the relation between manager turnover, distance to the technology frontier and economic growth in a panel of countries. Our...

I develop a model of mergers in which M&A deals are used to reallocate investment opportunities. In equilibrium, acquirers lack internal growth options and seek out projects from targets in the M&A market. The model is able to reconcile many features of the merger data that I document, including...

Using establishment-level micro data on Compustat firms, we develop a novel decomposition of firm employment growth. Our decomposition reveals that on average, firms in this sample rely more on growth from acquiring and founding new establishments than on growth of existing establishments....

Network hiring — i.e. the preference for hiring workers who are referred by existing employees or have shared affiliations with them — is a prevalent practice across many industries. Considerable research shows that hiring within a firm's network provides soft information about potential...