Companies planning a private placement typically gauge the interest of potential buyers before the offering is publicly announced. Regulators are concerned with this practice, called wall-crossing, as it might invite insider trading, especially when the potential investors are hedge funds. We...

This study empirically tests the trade-off between the costs and benefits of agglomeration for a large sample of firms. In line with the existing literature, it is found that population and employment density benefit productivity, but increase labour and real estate costs. To test the trade-off...