The 1990 Clean Air Act Amendments stipulated gasoline content requirements for metropolitan areas with air pollution levels above predetermined federal thresholds. The legislation led to exogenous changes in the type of gasoline required for sale across US metropolitan areas. This paper uses a...

Two separate streams of research find evidence that firms decrease Ramp;D spending to meet earnings benchmarks and that the Ramp;D tax credit increases Ramp;D spending. However, these studies do not consider stock option exercises by Ramp;D employees which likely influence Ramp;D spending...