The race by American companies to change their incorporation to countries with a lower corporate tax rate (inversion) has reached fever pitch. An open empirical question is if and how such an inversion affects a firm's governance. While many inversions happen to countries that offer weaker...

We examine the role of deferred vesting of stock and option grants in reducing executive turnover. To the extent an executive forfeits all unvested stock and option grants if she leaves the firm, deferred vesting will increase the cost (to the executive) of early exit. Using pay Duration...

Using natural disasters as shocks to local economies, we document that a bank branch's ability to set deposit rates locally has real effects. Following disasters, branches that set rates locally increase deposit rates more and experience higher deposit volumes in affected counties. Consistent...

Using detailed data for homeowners in the U.S., we document a negative, non-linear relation between the loan-to-value ratio (LTV) of the primary residence and labor income. Consistent with constrained mobility for high LTV individuals, we find stronger effects among sub-prime, liquidity...

We use administrative payroll data to estimate the effect of the minimum wage on employment and wages. We find that both effects are nuanced. While the overall number of low-wage workers in firms declines, incumbent workers are no less likely to remain employed. We find that firms reduce...

We use administrative tax data and survey responses to quantify the effect of subsidized health insurance on rent and mortgage delinquency. We employ a regression discontinuity (RD) design, exploiting the income threshold for receiving Marketplace subsidies in states that did not expand Medicaid...