Using comprehensive company-level ownership data from Japan, the authors found that the equity size premium correlates strongly with the investment flows of international institutional investors. When investment flows intensified and shifted into larger stocks in the mid-1990s, the equity size...

This paper explores the connection between skilled foreign labor, urban agglomeration, and value creation through the lens of H-1B visa applications. We find that the spatial distribution of H-1B visas, which are awarded to highly skilled foreign-born workers, is heavily concentrated in a few...

There is anecdotal evidence that the primary reason why managers hold cash on their balance sheets is to cover operating losses (operating shortfalls). In this paper, we rationalize this as an optimal response in a world with contract heterogeneity. Specifically, we relax the standard assumption...