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 …

Using a text-based metric of firms' ex-ante exposure to cybersecurity risk, we document that
the rise of cyber threats is redesigning corporate innovation and appropriation strategies. As …

Using comprehensive data on US corporate bond trades since 2002, we find evidence that
retail bond investors overrely on untimely credit ratings to their financial detriment …

We exploit the staggered state-level enactment of the Uniform Trade Secret Act (UTSA) to
examine the impact of intellectual property (IP) protection on product market dynamics. We …

Prior evidence indicates that proximity increases investments resulting in stronger economic
growth. The introduction of a non-stop direct flight between two locations in different …

This article examines whether and to what extent the Uniform Trade Secrets Act (UTSA)
affects technology spillovers between focal firms (ie, receivers of spillovers) and peers (ie …

We study the role of trade secrets protection in determining the incidence and intensity of
foreign investment flows into the US manufacturing sector. We find states that adopt the …

Intangible capital plays a crucial role in economic growth and impacts firm value. Trade
secrets form a key component of intangible capital, yet little is known about their market …

We highlight that the inalienable nature of human capital can crucially determine the division
of economic gains between shareholders and other counterparts in view of corporate …

This paper provides evidence that the trade secrets protection increases stock price crash
risk. Using a quasi‐experimental setting with the Uniform Trade Secrets Act (UTSA), we find …