We investigate the effects of government oversight, such as the Federal Reserve, on trading based on material non-public information by examining the impact of regulatory supervision at the firm level. We categorize firms in financial services, pharmaceuticals, and utilities as supervised....

We examine the effect of the social connectedness of independent, non-co-opted directors on their ability to monitor and advise the firm. We begin by providing evidence that well-connected directors have greater protection from career concerns. We next examine the channels by which director...

The extensive literature on financing innovation pinpoints numerous variables that influence patent activity. Yet, the simultaneous discovery of these covariates makes it difficult to interpret this body of research. We use machine learning techniques to assess the incremental explanatory power...

A substantive body of equity-market academic research documents an extensive range of costs arising from the SEC's October 2000 adoption of strictures on selective disclosure and insider trading; suggesting an unusual outcome, specifically, an increase in informed trading. We investigate the...

Antitrust regulators play a critical role in protecting market competition. We examine whether the political process affects antitrust reviews of merger transactions. We find that acquirers and targets located in the political districts of powerful U.S. congressional members who serve on...