I examine whether political influence as a response to voters' interest in employment levels is reflected in the enforcement actions of the Securities and Exchange Commission (SEC). I find that large employers are less likely to experience SEC enforcement actions. Next, I examine whether...

We provide evidence that firms with weak investment opportunities (those whose current earnings justify a greater valuation than firms with strong investment opportunities) signal their permanent earnings level through their dividends. In the cross-section, we show that both dividend levels and...

Free Cash Flow (FCF) agency conflicts exist when managers divert cash flow for private benefits. We identify the impact of unobservable FCF conflicts on firm policy using a structural approach. Measurement equations are constructed based on observable managerial choices: payout policy changes...

We study whether firms avoid financial disclosures to preserve the financial privacy of their owners. We find that firms named after their owner, where firm disclosure would more directly expose owner information, are more opaque. Eponymous owners prefer firm opacity especially in rural and...

This paper examines if and how mass media enhances entrepreneurial activities. Specifically, we use the staggered introduction of the television show Dragons' Den, also known as Shark Tank, across countries to analyze the impact of mass media on entrepreneurial activity. The show consists of...