We provide empirical evidence on the positive effect of non-executive employee stock options on corporate innovation. The positive effect is more pronounced when employees are more important for innovation, when free-riding among employees is weaker, when options are granted broadly to most...

Innovation is a contract intensive economic activity in a world of incomplete contracts. We show that trust mitigates incomplete contracting and enhances innovation by acting as an informal contracting mechanism. Trust plays an especially important role when formal laws and regulations are...

Using a sample from 38 economies, we examine the relation between bank regulators’ supervisory power and loan spreads. We find that loans issued by banks in economies with more powerful supervisors have higher spreads. The positive association is more pronounced when firms have lower credit...

We examine the impact of financial reporting on corporate innovation. We find that firms that exhibit more conservative financial reporting generate fewer patents. Their patents also result in fewer citations and lower economic benefits. These effects of conservative financial reporting on...

This document outlines a text-based firm-level measure of organizational culture, parsing information from 214,910 annual 10-K filings of publicly-listed US firms over the period 1994-2017. We utilize the Organizational Culture Assessment Instrument (OCAI) to construct a dictionary of the...

Aniline is a widely used chemical raw material, which could bring potential environmental risk due to the irrigation and atmospheric settlement, and thus the growth and development of crops would be affected. In this study, the rice was irrigated with various concentrations of aniline solution,...

The paper shows that US state-level employment nondiscrimination acts (ENDAs) protecting the equal treatment of LGBTs in the workplace have a spillover effect on firms’ non-diversity corporate social responsibility (CSR) performance. We find that product market competition plays an important...

We investigate the effect of stock market liberalization on technological innovation. Using a sample of 20 economies that experience stock market liberalization, we find that these economies exhibit a higher level of innovation output after liberalization, and this effect is disproportionately...

We provide empirical evidence on the positive effect of non-executive employee stock options on corporate innovation. The positive effect is more pronounced when employees are more important for innovation, when free-riding among employees is weaker, when options are granted broadly to most...

Using a large sample of firms listed on the Korea Stock Exchange over 1998-2007, this study investigates whether and how trading by foreign and domestic institutional investors improves the extent to which firm-specific information is incorporated into stock prices, captured by stock price...