We study how vertical firm boundaries shape firms' public disclosures. Theory suggests that firms can use public disclosure to coordinate with supply chain partners, and predicts a substitutive relation between vertical integration and public disclosure about future strategic plans, as vertical...

We study how political considerations affect banks’ loan loss provisions using China’s mandatory shift to expected credit loss (ECL) provisioning. We find that the mandatory shift has no overall net effect on the magnitudes or timeliness of provisions for state-owned banks. While these...

This study examines the impact of government procurement on firms’ environmental commitments. Using a triple-difference (DDD) research design that exploits the exogenous increase in federal funding allocations across counties based on population census revisions, we find that firms with high...

We study whether and how banks’ social performance affects depositors, who hold demandable debt with pervasive government protection. Exploiting the regulatory releases of bank performance ratings for community development and a difference-in-differences design, we find a decline in deposit...

This paper studies whether and how ESG disclosure regulations imposed on banks generate transmission effects along the lending channel. I use a setting of U.S. firms borrowing from non-U.S. banks and exploit the staggered adoption of ESG disclosure regulations in banks’ home countries. I find...

In 2013, the U.S. Consumer Financial Protection Bureau released a database of consumer complaints filed against banks under its supervision (“CFPB banks”). We find that after the disclosure, rival banks exhibit a greater increase in mortgage approval rates in markets with more intensive...