We test the 'law matters' and 'legal origin' claims using a newly created panel dataset measuring legal change over time in a sample of developed and...
In the spirit of Merton (1987), we find that improving the dissemination of company news increases the attention investors pay to a firm. We exploit a...
This paper argues that the key mechanisms protecting portfolio investors in public corporate securities are indirect. They do not rely on actions by the...
A large amount of activity in the financial sector occurs in secondary financial markets, where securities are traded among investors without capital...
Over the past two decades, the U.S. stock market has halved in size as the "public firm model" has begun to fall out of favor. We develop a political economy...
We analyze a comprehensive sample of more than 10,000 U.S. stocks in the OTC market. As little is known about this market, we first characterize OTC firms...
We study the impact of board gender quotas on firms’ hiring and retention practices. Female director tenure increases following the introduction of a...