Our paper examines the relationship between industry tournament incentives for CEOs and corporate innovation. We find that the external pay gap is positively associated with subsequent innovation output and its economic value. Our results are robust to using different industry classifications,...

This paper studies the relationship between political connections and corporate compliance with labor protection. Utilizing a sudden disruption of political connections due to an anti-corruption policy, the paper finds that depoliticization improves firms’ compliance with the social security...

Using a sample of firms that conducted multiple SEOs during 1995-2012, we examine whether firms can build credibility for subsequent SEOs by following through on their stated use of proceeds from earlier SEOs. We find that firms that previously state their intention to invest funds in projects...