Using resume data on over 45 million U.S. workers, we find that the flow of employees between a pair of firms sharply drops by about 20% when the firms start to share a director on their boards. We find no trend prior to initiation, and the reduced flows persist throughout the overlapping...

Short selling is measured in the literature as both constraint (e.g., lending fees) and activity (e.g., trades). We show that these two measures capture separate effects, which we characterize into two different strategies. The first strategy, "short trading," has minimal constraints, weekly...

Capital market frictions likely impact firms investments, yet empirical identification is difficult as they often arise from endogenous firm choices. In this paper, I exploit a legally-imposed friction to estimate the effects of equity financing constraints on investments. Using a novel...

We study the career paths of more than 45 million workers during the house price run-up of the early 2000s. We find that individuals switch careers to become real estate agents (REAs) at higher rates in areas with stronger house price growth, despite little or no growth in average REA wages. We...

Migration patterns in the United States changed dramatically during the COVID-19 pandemic. We find that COVID-induced migration predicts municipal bond yield spreads, particularly for lower-rated bonds and areas experiencing larger than usual population outflows. Analyzing this effect across the...

Human capital is a primary source of value in modern firms, yet little is known about what employee information firms disclose and whether it is timely and informative given the SEC's flexible disclosure rules. We examine the determinants of firms' human capital disclosures by combining textual...

We provide an assessment of how migration patterns and motivations for moving have changed during the COVID-19 pandemic. We use proprietary data on over 300,000 residential, interstate moves over the last four years with accompanying survey data. We find more than 10% of moves between April...

We connect three disparate facts associated with the spike in innovation in securitized mortgages before the 2007-09 crisis: a) elevated innovation in MBS collateral associated with greater loan purchases by MBS issuers (“sponsors”), b) an economically large proportion of delinquencies...

We find that a substantial portion of short sellers' trading advantage comes from their ability to analyze publicly available information. Using a database of short sales combined with a database of news releases, we show that the well-documented negative relation between short sales and future...