Firms experiencing increases in import competition significantly reduce their leverage ratios by issuing equity and selling assets to repay debt. Using import tariffs and foreign exchange rates as instrumental variables for import penetration, I show that these results are not manifestations of...

In many polyandrous species, the last male to mate sires most of the offspring. This phenomenon has been explained as the result of male manipulation, postcopulatory female choice, or both. However, in most previous studies, direct evidence for these explanations is lacking. Here, we report our...

The directional distance function model is a generalization of the radial model in data envelopment analysis (DEA). The directional distance function model is appropriate for dealing with cases where undesirable outputs exist. However, it is not a units-invariant measure of efficiency, which...

We document a long-lasting association between a common societal phenomenon, early-life family disruption, and investment behavior. Controlling for socioeconomic status and family background, we find fund managers who experienced the death or divorce of their parents during childhood exhibit a...

We document a significant decline in the level of generalized trust among finance professionals relative to the decline of trust in the general U.S. population. This decline occurs across all subsectors and at all hierarchy levels and is unique to the finance industry. It is related to a lack of...