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 test the hypothesis that less transparency in financial disclosures is an undesirable firm attribute that increases the amount of information and unemployment risk that employees bear, resulting in a wage premium. Using establishment-level wage data from the U.S. Census Bureau, we document...

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...

Using confidential establishment-level data from the U.S. Census Bureau, this paper studies the effects of ACA Medicaid expansion on corporate behavior in the U.S. manufacturing sector. We find that Medicaid expansion leads to a significant decrease in capital investment and productivity at the...

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 use the universe of U.S. job postings to construct a firm-level index that assesses each company's work from home (WFH) suitability, and study its impact on firms' resilience during the recent COVID-19 pandemic. Using a difference-in-differences framework, we find strong evidence that,...

This paper employs the theoretical lens of social capital to examine social distancing behavior during the COVID-19 pandemic. By exploiting daily mobile GPS location data, we provide strong evidence for the diverse effects of the two constituents of social capital, civic norms and social...

This paper studies the causal relationship between proximity and knowledge diffusion by exploiting sudden changes in travel time following the introduction of new flight routes. We find that decreasing travel time between U.S. cities by 20% increases knowledge flow by 0.5%, which corresponds to...