We examine the within-firm resource allocation and restructuring outcomes at firms violating debt covenants. Using establishment-level data from the U.S. Census Bureau, we find that covenant violations are followed by reductions in employment, investment, and more frequent establishment closures...

This paper tests whether the conditional CAPM can explain size, book-to-market, momentum and illiquidity effects utilizing data from the Istanbul Stock Exchange (ISE). The conditional CAPM mostly fails for these standard asset pricing anomalies with statistically significant risk-adjusted...

We examine entrepreneurial activity following the staggered adoption of modern-day fraudulent transfer laws in the United States. These laws strengthen unsecured creditors' rights and are particularly important for entrepreneurs whose personal assets commingle with the firm's. Using...

We study how production networks adapt when natural disasters affect the reliability of a firm in the network. Affected firms extend more trade credit to their customers, especially if these customers are important and would be difficult to replace. The suppliers of affected firms appear to...

This paper examines the impact of competition on the investment behavior and outcomes of venture capital (VC) firms with differing reputations. Following the introduction of investor tax credit programs that increase competition, reputable VCs decrease the number and size of their investments....