We investigate whether customer satisfaction, measured by product ratings on Amazon.com, is associated with ineffective internal control over financial reporting. Internal control weakness will likely corrupt the information environment, compromise coordination, and divert corporate resources...

We provide evidence that the deregulation of U.S. state banking markets leads to a significant increase in the relative employment and capital growth of local firms with higher productivity and that this effect is concentrated among young firms. Using financial data for a broad range of firms,...

We exploit the adoption of U.S. state-level labor protection laws to study the effect of employment protection on corporate investment and growth. We find that, following the adoption of these laws, capital expenditures decrease, resulting in firms growing sales at a slower rate. Our findings...

We study the effects of technological change and adoption timing on firms' liquidity management practices and subsequent product market outcomes. We first posit that investment in Enterprise Resource Planning (ERP) software improves trade credit and inventory efficiencies between supply chain...

We study how the spillover of peer firms’ litigation risk affects a focal firm’s voluntary disclosure. We find that focal firms facing greater litigation risk spillovers reduce disclosure activities by lowering both the likelihood of issuance and the frequency of management earnings...

Procyclical investment opportunities and labor demand create time series-variation in the importance of labor mobility for corporate investment. Firms located in more mobile labor markets, captured by variation in state courts’ enforcement of covenants not to compete, increase investment rates...

Many US states have a single cutoff date for school entry, meaning that some children are older than others when they begin kindergarten. We document that this variation in birth months is associated with differences in adult labor market outcomes in the mutual fund industry. Relatively older...