Wage inequality does not fully capture differences in job quality. Jobs also differ along other key dimensions, including the prevalence of labor-rights violations. Yet, there is little systematic evidence on this non-wage dimension of job quality and how it contributes to overall inequality. We...

This paper studies the effect of common ownership on corporate social responsibility (CSR). We find that common ownership is positively associated with a firm's CSR score. The effect is stronger for firms in more competitive industries. We propose a two-stage duopoly game in which CSR serves as...

In this paper, I examine the strategic role of debt structure in improving the bargaining position of a firm's management relative to its non-financial stakeholders. Debt structure is essential for strategic bargaining because it affects the ease of renegotiating debt contracts and thus the...

This paper provides new evidence on the effect of unionization on cost of bank loans. By using a regression discontinuity design, we establish a causal relation from new unionization to bank loan pricing. Relative to firms in which unions barely lose elections, firms in which unions barely win...

This study examines how organized labor affects selling, general, and administrative (SG&A) cost behavior. We find that labor cost stickiness is higher for firms facing stronger unions, but the stickiness of SG&A costs is lower. This is consistent with an argument that managers’ discretionary...

Wage inequality does not fully capture differences in job quality. Jobs also differ along other key dimensions, including the prevalence of labor rights violations. We construct novel measures of labor violation rates using data from federal agencies. Within local industries over time, a 10%...

In this study, we examine the effects of common ownership on labor market outcomes. We find that an increase in common ownership in a labor market is associated with decreases in both wages per employee and the employment-to-population ratio. We conduct an event study based on the acquisition of...

This study examines how organized labor affects selling, general, and administrative (SG&A) cost behavior. Human capital is emerging as firms’ most valuable asset, and we further the understanding of the interaction between employees and SG&A cost behavior. We predict and find that labor cost...

This paper studies the effects of state minimum wage increases on information technology (IT) investment at the establishment level in the United States. We find establishments in states that experience significant minimum wage increases on average allocate $61,000 more per year to IT budgets....