Does trader leverage drive equity market liquidity? We use the unique features of the margin trading system in India to identify a causal relationship between traders' ability to borrow and a stock's market liquidity. To quantify the impact of trader leverage, we employ a regression...

This paper models the interactions among product market innovation, product market competition, and corporate financing decisions in the context of a dynamic duopoly. One competitor faces an opportunity to adopt a new technology. If adopted, the firm must also determine whether it will obtain...

Do corporate control transactions discipline the labor force? We use the investment advisory industry as a laboratory to test for evidence of improvements in employee misconduct following M&A events ("misconduct synergies"). Consistent with synergies, we find that new disclosures of employee...