We examine whether corporate money in politics benefits or hurts labor using the 2010 Supreme Court ruling Citizens United, which rendered bans on political election spending unconstitutional. In difference-in-difference analyses, affected states experience increases in both capital and labor...

We hand-collect information describing all 3,055 antitrust lawsuits brought by the Department of Justice (DOJ) between 1971 and 2018. Using confidential U.S. Census microdata, we show that DOJ lawsuits targeting past anticompetitive conduct in local industries cause a persistent 5.4% increase in...

Open banking (OB) empowers bank customers to share transaction data with fintechs and other banks. 49 countries have adopted OB policies. Consumer trust in fintechs predicts OB policy adoption and adoption spurs investment in fintechs. UK microdata shows that OB enables: i) consumers to access...

Firms initiating broad-based employee share ownership plans often claim ESOPs increase productivity by improving employee incentives. Do they? The answer depends. Small ESOPs comprising less than 5% of shares, granted by firms with moderate employee size, increase the economic pie, benefitting...

Using a database that covers all transactions that involve a developed-market acquirer and an emerging-market target from 1988-2002, this paper studies the stock market's reaction to acquisition announcements in emerging markets. The evidence suggests that the stock market anticipates...