CEO's insider trading gains are affected by the position of the CEO within the hierarchy of all executives, as assessed by network centrality. CEOs with high centrality earn superior abnormal returns following their company's stock purchases, consistent with social capital advantage. Social...

We use the unique setting of Malaysian mergers and acquisitions (M&A) activity to test the effect of market-wide investor inattention when managers are attentive. During Ramadan, mainly Muslim investors are likely to be distracted while mainly non-Muslim managers are likely to be attentive and...

This paper studies the relationship between collective bargaining and mergers and acquisitions activity in 46 countries from the early 1990s. We find that the frequency and volume of mergers and acquisitions within industries increase in countries with powerful labor unions and high coverage of...

Economists have long recognized that competition and innovation interact as key drivers of economic growth (Schumpeter, 1943; Arrow, 1962; Aghion and Howitt, 1992). Acknowledging this, regulators carefully scrutinize competitive behaviors that potentially affect innovation incentives, in particular in...

Cross-border merger activity is growing in importance. We map the global trade network each year from 1989 to 2016 and compare it to cross-border and domestic merger activity. Trade-weighted merger activity in trading partner countries has statistically and economically significant explanatory...

This paper studies the relationship between collective bargaining and mergers and acquisitions activity in 46 countries from the early 1990s. We find that the frequency and volume of mergers and acquisitions within industries increase in countries with powerful labor unions and high coverage of...