This study examines the joint choice of bond features that corporations make in defining their bonds. Using data on new corporate bond issues from 1990 through 2012, we find that corporate bonds are packages of different provisions and restrictions reflecting complementarities between bond...

We present evidence that financing frictions adversely impact investment in workplace safety, with implications for worker welfare and firm value. Using several identification strategies, we find that injury rates increase with leverage and negative cash flow shocks, and decrease with positive...

A large and rapidly growing literature examines the impact of misvaluation on firm policies by using mutual fund outflow-induced price pressure to isolate non-fundamental price variation. I demonstrate that the standard approach to computing outflow-induced price pressure produces a measure that...

Using a novel dataset from the Freedman's Savings Bank, we examine how societal trust impacts policy makers' goals of increased financial participation and economic integration. We find that events that impact trust in political representation and public safety also impact financial...

This paper presents evidence of a large, persistent decline in establishment-level workplace injury rates after private equity (PE) buyouts of publicly-traded U.S. firms. We also find that firms experience fewer OSHA safety violations after buyouts and that a larger decline in injury rates is...

We examine the response of investment to peers' stock prices. While the response to average peer-Q is typically positive, the response to prices of peer firms that are more threatening and those of industry leaders is reliably negative. The responses are more strongly negative when the prices...

This paper examines the use of count data-based outcome variables such as corporate patents in empirical corporate finance research. We demonstrate that the common practice of regressing the log of one plus the count on covariates ("LOG1PLUS" regression) produces biased and inconsistent...

Using a detailed depositor arrival data from the Freedman’s Savings Bank, we examine how social unrest impacts policy makers’ goals of increased financial participation and economic integration for minorities. We find that events that imperil public safety also decrease participation in...

Using a detailed depositor arrival data from the Freedman's Savings Bank, we examine how social unrest impacts policy makers' goals of increased financial participation and economic integration for minorities. We find that events that imperil public safety also decrease participation in banks....