The Clean Development Mechanism (CDM) is a project-based carbon trade mechanism that subsidizes the users of climate-friendly technologies and encourages technology transfer. The CDM has provided financial support for a large share of Chinese wind projects since 2002. Using pooled...

We examine the effects of credit market accessibility and legal protection on corporate innovation in a pseudo-multinational setting emphasizing the channels through which the credit market and legal protection affect corporate innovation. Credit market accessibility promotes innovation by...

We study the effects of SEC oversight, proxied by a firm’s geographic proximity to the nearest SEC regional office, on the firm’s management earnings forecasts. Using exogenous changes in proximity caused by SEC district office elevations to regional status, we find that firms located in...

Using acquirer’s risk-factor disclosure in merger filings, we study the risks faced by acquirers in mergers and acquisitions and how these risks are associated with important merger outcomes. We first establish the validity of acquirer’s risk factor disclosure, and then employ an...

This paper proposes a network model of the economy in which conglomerate firms transmit idiosyncratic shocks from one industry to another. The strength of inter-industry connections is determined by the conglomerate's share of total industry sales and by the industry's share of the...