During market-wide shocks that cause large drops in stock prices, firms with more state-
endorsed antitakeover provisions (ATPs) experience smaller declines in value. Two …

How does competition for talent affect firm growth? Combining administrative occupational
employment microdata with job posting data, we construct a novel measure of firms' talent …

Using resume data on over 20 million US workers, we find that the flow of employees
between a pair of firms sharply drops by about 20% when the firms start to share a director …

We find that when states enhance the enforceability of noncompete agreements (NCAs), firm
investment becomes more sensitive to in-state competitors' stock valuations, which is …

Non-compete agreements (NCAs) limit outside employment options and, therefore, increase
personal costs of job displacement for managers. Using state-level changes in NCA …

We find that firms enlarge the executive pay gap when executive mobility is constrained by
more enforceable non-compete agreements. We interpret this finding as evidence that firms …

We investigate the role of mutual fund families as delegated monitors of their portfolio
managers. Our findings provide evidence that credible monitoring by fund families, in the …

This paper investigates the impact of knowledge protection on firm strategic alliance (SA)
activities. Our analysis leverages the staggered adoptions and rejections of the inevitable …

Using US plant-level data, we find that corporate emissions decline significantly when labor
mobility increases due to weaker enforcement of covenants not to compete (CNCs) in the …