This paper links the CEO's concerns for the current stock price to reductions in real investment. We identify short-term concerns using the amount of stock and options scheduled to vest in a given quarter. A one standard deviation increase in vesting equity is associated with an annualized 0.2%...

This paper explores the potential marketing benefits of going public and of IPO underpricing. We identify an empirical setting which allows us to examine the impact of IPO underpricing on a direct and timely measure of the issuing firms' product market demand: visitors to B2C Internet companies'...

We document a significant but declining size effect and cyclicality in sales growth within U.S. public firms, including the COVID crisis. The patterns differ significantly from those documented in prior studies which focus on samples dominated by private firms. Small public firms grow faster...

More than 20% of U.S. firms are nonprofit, yet this organizational form has received little attention in corporate finance. This paper takes a step towards closing this gap by examining investment choices of nonprofit hospitals. Most hospitals hold large financial assets, and hospital-specific...

This paper links the impending vesting of CEO equity to reductions in real investment. Existing studies measure the manager's short-term concerns using the sensitivity of his equity to the stock price. However, in myopia theories, the driver of short-termism is not the magnitude of incentives...

We study put option sales undertaken by corporations during their repurchase programs. Put sales' main theoretical motivation is market timing, providing an excellent framework for studying whether security issues reflect managers' ability to identify mispricing. Our evidence is that these bets...

A growing body of evidence concludes that common ownership caused cooperation among firms to increase and competition to decrease. We take a closer look at four approaches used to identify these effects. We find that the effects the literature has attributed to common ownership are caused by...