We study the effects of employee health on corporate innovation by exploiting staggered medical cannabis legalization across states from 1995 to 2020. Medical cannabis legalization increases medical access, thereby significantly influences employee health. Using a difference-in-differences...

We examine the relation between a firm's environmental, social, and governance (ESG) performance and its CEO's founder status, an important but previously unexplored leadership attribute in this context. We find that founder-CEO-led firms exhibit superior ESG performance. We further document...

How does the local labor market contribute to firm value? This study identifies employee-firm matches as a new channel and presents empirical evidence that labor-matching efficiency positively affects establishment growth. Using a shift-share instrumental variable approach, we document that a...

We examine the effects of investor disagreement on price discovery using a recurring public information event in the highly liquid crude oil futures market, a market free of short-sale constraints. We show that prices reflect positive news within one-half second of trading, but continue to drift...