Corporate insiders face substantial restrictions on stock sales, but many have viewed receiving tax deductions from charitable donations of stock holdings as an attractive alternative. In fact, empirical evidence consistently indicates that executives even make use of their private information...

It has long been recognized that competitive considerations play a central role in corporate voluntary disclosure practices. Yet, the ways in which competition and disclosure interact are sensitive to various factors, including both the nature of information and the nature of competitive...

Many of America’s top corporate donors share a common feature: the bulk of their giving is in the form of in-kind products, not cash. This phenomenon is not a coincidence but rather a result of the tax code creating such a preference due to an “enhanced” deduction for inventory donations....

It is often noted that accounting information, while faithfully estimating current profitability, fails to reflect forward-looking information about new ventures. Stock prices, however, reflect the prevailing sentiment about both current and future activities. As a result, though accounting is...

This paper presents one reason for adopting diverse work assignments, rooted in a desire to match employees' pay with the skills they have cultivated on the job. When on-the-job learning parlays into attractive external opportunities, employees may threaten to seek a different and higher paying...

This paper examines the role of patent licensing in the age of outsourcing. When firms rely on outsourced inputs, a patent holder’s decision to license has both competitive and supplier pricing effects. By issuing a license, the firm increases competition in the product market. At the same...