I use both theoretical models and empirical methods to examine how founder-CEOs sell their remaining ownership shares. I find that founder-CEOs of high-growth firms and those with high managerial ability are more likely to sell remaining ownership shares gradually rather than suddenly. Moreover,...

We examine the evolutionary path of companies' corporate social responsibility (CSR) since their debuts as public companies. We find that firms' average CSR score is rising over the time they are listed in the public capital market. Neither the CSR score change over the age of the firm nor the...

We study the degree and determinants of capital allocation efficiency across firms, using comprehensive firm-level survey data that covers a broad spectrum of developing countries. As measured by the dispersion in firms’ marginal revenue product of capital, we document that capital...

ChatGPT’s artificial intelligence (AI) has generated considerable debate and even panic in higher education. However, AI is an unavoidable trend in education that has the potential to subvert many courses’ pedagogical structure and methods. One such course is financial data science with...

We study the long-run aftermarket performance of the Emerging Growth Companies (EGCs), a new category of IPO issuers created by the Jumpstart Our Business Startups Act (JOBS Act). We document that, in the long run, EGCs outperform by about 25 percentage points, compared to those firms that would...