This article analyzes the impact on stock prices in the home market of important events associated with a U.S. listing. Events include the "filing effect" of financial statements made public by the SEC in preparation for an ADR program; the "announcement effect" of the forthcoming ADR program;...

We study the supply side of the market for CEOs as outside board members in the context of increasing legal and shareholder pressure on CEOs to refrain from accepting outside directorships. Consistent with potential benefits to their employing firms, CEOs have been increasingly more likely to...

This paper examines how external governance pressure provided by both the product market and the market for corporate control affects the type of debt that firms issue. Consistent with a governance substitution effect, we find that (i) an exogenous increase in governance pressure from the...

Using the methodology of Hou and Moskowitz (2005), we develop a new measure of the speed of information diffusion along the supply chain. Using this measure, we find evidence that information diffuses more quickly when key market participants are less subject to limited attention constraints....

We show that the social capital embedded in employees’ networks enhances firm performance and provide evidence on the mechanism. Using novel data from a professional networking app, we measure a firm’s social capital derived from employees’ connections with external stakeholders. The...

Declining worker power has been advanced as an explanation for dramatic generational changes in the U.S. macroeconomic environment such as the substantial decline in labor's share of the national income, the loss of consumer purchasing power, and growing income and wealth inequality. In this...

In this paper, we test whether contracting frictions are a limiting factor in venture capital flows using a large sample of cross-border investments by U.S. venture capital firms. While we observe no relation between flows and a country's legal origin or other traditional shareholder protection...

We investigate market behavior in a setting where managerial incentives to manipulate earnings and market price should be apparent ex ante to market participants. We find evidence of abnormally low discretionary accruals in the period following announcements of cancellations of executive stock...

Analyzing a large sample of cross-border investments by U.S. venture capital firms, we find that average round sizes and the fraction of financing raised in the first round are larger for companies in countries with poorer legal enforcement. This evidence, which is consistent with third-best...

Using a novel database of online job posting data, we document the coordination of recruiting activity by supply-chain partners consistent with relationship-specific investment in human capital. We find that recruitment by dependent suppliers caters to the needs of their major customers and that...