This paper uses intraday U.S. bond transaction and stock quote data to investigate whether corporate bonds lead stocks in price discovery of underlying firm value. I use Hasbrouck's (1995) "information share" approach to determine the relative contribution of corporate bonds to price discovery....

We exploit the deregulation of interstate bank branching laws to test whether banking competition affects innovation. We find robust evidence that banking competition reduces state-level innovation by public corporations headquartered within deregulating states. Innovation increases among...

Using exogenous variations in the market value of firms' real estate assets caused by fluctuations in local commercial real estate prices, I study how collateral shocks impact corporate innovation. I find evidence that collateral shocks change the quantity, quality, and trajectory of innovation....

This paper provides new evidence on how access to finance impacts technological innovation and establishes the role of labor practices in shaping the finance-innovation nexus. We exploit antebellum America, a unique setting where staggered adoption of free banking laws across states encouraged...

We study how a pioneer of peer-to-peer rental, Airbnb, affects the local economy. Using venture capital infusions as plausibly exogenous shocks to Airbnb's expansion into a new county, we find that Airbnb expansion leads to poorer hotel performance in the local county. Meanwhile, Airbnb...