Reducing trade barriers offers tremendous potential for economic growth and productivity gains. However, higher incomes and increased industrial output can negatively impact the environment. This paper studies the impacts of trade liberalization on the emissions of ozone depleting substances...

Trade liberalization can spur environmental degradation. Concerns over these adverse impacts have led to a debate over the need for environmental provisions in regional trade agreements (RTAs), however the effectiveness of such provisions is unknown. This paper provides new causal evidence that...

We empirically evaluate extensions to the trade-off theory of capital structure featuring a real option on debt issuance in a zero-leverage environment. Controlling for alternative explanations of zero-leverage behavior, we find considerable evidence in support of the extended trade-off theory...