Investigates the factors influencing job creation in small firms, firm survival and potential predictors of firm success. One key purpose of this study is to better understand market failures which might warrant public policy intervention. Part one conducts an analysis on a database of 636...

Exploiting two quasi-natural experiments, we find that firms increase emissions of toxic pollution following decreases in analyst coverage. The effects are stronger for firms with low initial analyst coverage, poor corporate governance and firms subject to less stringent monitoring by...

Measuring fund clientele by investors’ revealed usage of different asset pricing models, we show that funds with more CAPM investors perform better, all else equal. This predictability is not because the CAPM-alpha predicts future fund performance but because it reflects investor...