We examine the effect of board independence on spending and payout policy using the 2003 NYSE and NASDAQ board independence requirements as an exogenous shock. Non-compliant firms that are forced to raise board independence reduce the spending on acquisitions and capital expenditures and...

We examine the effects of Chinese import penetration on executive compensation of US firms. We find that import penetration reduces executives' total compensation, stock grants, wealth-performance sensitivity, and opportunistic grant timing, suggesting that competition mitigates agency problems...

We examine the effect of Chinese import penetration on the innovation activities of US manufacturers. We find that firms boost innovation in response to greater import penetration. The boost in innovation builds on narrow focus and familiar technology and results in greater product...

We examine the effect of Chinese import penetration on the innovation activities of US manufacturers. We find that firms boost innovation in anticipation of greater import penetration. The boost in innovation relies on familiar technology and results in greater product differentiation. However,...

I examine the effects of entrenchment on corporate investment and firm performance. To achieve identification, I use a novel measure of entrenchment and an instrumental variable based on firms' IPO cohort. I find that entrenchment reduces capital expenditures, R&D, and productivity, weakens a...

We examine the effects of entrenchment on corporate investment and firm performance. To achieve identification, we use a novel measure of entrenchment and an instrumental variable based on firms' IPO cohort. We find that entrenchment reduces capital expenditures, R&D, and productivity, weakens a...