Using customs and port authority data, we show that firms are significantly more likely to trade with countries that have a large resident population near their firm headquarters, and that these connected trades are their most valuable international trades. Using the formation of World War II...

Using information on advertising and mortgages originated by subprime lenders, we study whether advertising helped consumers find cheaper mortgages. Lenders that advertise more within a region sell more expensive mortgages, measured as the excess rate of a mortgage after accounting for borrower,...

We survey the empirical literature on non-practicing entity (NPE) litigation behavior and its consequences. We document both aggregate trends and cross-sectional differences amongst various types of NPEs. Survey evidence illustrates a number of ways in which NPEs can potentially act...

We study the valuation implications of one of the most important mechanisms that help firms protect their intangible assets from infringement: government anti-counterfeiting enforcement. We show that the U.S. government's anti-counterfeiting enforcement in foreign countries positively affects...

We find the Small Business Administration's disaster-relief home loan program denies significantly more loans in areas with larger shares of minorities, subprime borrowers, and higher income inequality. We find that risk-insensitive loan pricing -- a feature present in many regulated and...

We investigate the importance of client relationships in the financial advisory industry. We exploit firm-level variation in adoption of the Broker Protocol, which enabled clients to follow their advisers to member firms without fear of litigation. We show that advisers' ability to maintain...

We document evidence that firms systematically increase specialized, locally targeted advertising following the firm being taken to trial in that given location - precisely following initiation of the suit. In particular, we use legal actions brought against publicly traded firms over the...

We examine the impact of earnings announcements on the value of shareholder voting rights (voting premium) estimated using a new technique that exploits option prices. We find the voting premium is negatively related to earnings surprises. This relation is primarily driven by unfavorable...

Coval and Moskowitz (1999) report that proximity influences investment. We extend the measurement of proximity beyond distance and report that air travel reduces local investment bias. This result is confi rmed using the initiation of connecting flights through recently opened air hubs since...

We investigate whether corporate board members with media expertise influence firms' media coverage and media slant. We find that firms with a media professional on the board of directors receive more media coverage, and articles written about them include fewer negative words compared with...