We use major toxic chemical spills as shocks to the pollution risk of their local neighborhoods and examine the consequent effects on local small businesses. A key finding is that pollution shocks contribute to increases in business concentration in their local economy because of their...

We investigate the effect of poor performance on financial intermediary reputation by estimating the effect of large-scale bankruptcies among a lead arranger's borrowers on its subsequent syndication activity. Consistent with reputation damage, such lead arrangers retain larger fractions of the...