We examine how firms respond to the increased workplace transparency due to the coverage on Glassdoor.com, which collects and disseminates reviews on employee satisfaction. Leveraging the staggered timing of first-time reviews on Glassdoor, we use a difference-in-differences design and find that...

We examine whether municipal market participants' sensitivity to changes in local home values varies with the quality of local governments' financial reports. We find the credit ratings and bond yields of governments that are required to comply with GAAP are less sensitive to changes in local...

Prior work calls into question litigation's effectiveness as a corporate governance mechanism, finding that litigation causes managers to reduce disclosure, perhaps stemming from a belief that even their good faith disclosures will be used against them. Digging deeper into this setting, we test...

The immediate expensing of R&D expenditures conceals managers' knowledge about the R&D projects. I examine whether higher R&D-intensive firms voluntarily guide more to decrease this information asymmetry. R&D state tax credits serve as instrumental variable for R&D investments. While total...

We examine whether retail consumers change their shopping behavior in response to firm-specific negative environmental, social, and governance (ESG) news. Using consumer foot traffic data, we provide evidence that negative ESG news affects consumer foot traffic negatively in U.S. counties where...

This paper empirically examines how R&D intensity impacts the provision and nature of management earnings guidance. R&D-intensive firms face high managerial uncertainty as well as high investor uncertainty, which have countervailing effects on discretionary disclosure. I find that high...

The paper investigates the influences of financial development on patterns of industrial specialization across China's regions. We find that industrial sectors reliant on access to external finance are found to concentrate in regions with developed financial markets. Both foreign direct...