We propose an industry-level index of capital liquidity -- defined as the share of used capital in aggregate industry capital expenditure -- that relates (inversely) to sunkenness of capital investment. We then test the effect of capital liquidity on the dispersion and mean of industry...

We examine deadlines-induced behavior using large-scale, high frequency data on about 5 million U.S. patents and published applications. We motivate the study with a model of rational agents facing discontinuous incentives around deadline thresholds, without using time-inconsistent preferences...

We study the relationship between the enforceability of covenants not to compete (CNCs) and employee mobility and wages. We exploit a 2015 CNC ban for technology workers in Hawaii and find that this ban increased mobility by 11% and new-hire wages by 4%. We supplement the Hawaii evaluation with...

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....