Since the early 1980s, the composition of US public firms has progressively shifted toward
less profitable firms with high growth potential (Fama and French, 2004). We estimate a …

Using a large sample of 4,545 US firms over the period 1968–2018, we find robust and
significant positive peer effects on corporate innovation. Consistent with the need to keep …

I provide new empirical evidence on the negative relationship between financial frictions
and productivity growth over a firm's life cycle. I show that a model of firm dynamics with …

This study develops a Schumpeterian growth model with endogenous entry of
heterogeneous firms to analyze the effects of monetary policy on economic growth via a …

US multinational firms hold significantly more cash than domestic firms. I study this cash
differential using a dynamic model featuring corporate physical and intangible investment …

This paper investigates the effects of data breach disclosure laws and the subsequent
disclosure of data breaches on the cash policies of corporations in the United States …

Coincident with a rise in intangible investment, operating losses have become substantially
more prevalent, persistent, and greater in magnitude since 1970. Loss firms now make up …

This study explores the long-run effects of inflation in a two-country Schumpeterian growth
model with cash-in-advance constraints on consumption and R&D investment. We find that …

We develop aq theory of investment with endogenous leverage, payout, hedging, and risk-
taking dynamics. The key frictions are costly equity issuance and incomplete markets. We …

Motivated by the recent discovery of a significant increase in corporate debt in developed
countries, we use a large sample of 775 listed companies to examine the dynamics and …