We document that localized policies aimed at mitigating climate risk can have unintended
consequences due to regulatory arbitrage by firms. Using a difference-in-differences …

A quantitative investigation of financial intermediation in the United States over the past 130
years yields the following results:(i) the finance industry's share of gross domestic product …

A general purpose technology or GPT is a term coined to describe a new method of
producing and inventing that is important enough to have a protracted aggregate impact …

We study corporate philanthropy using an original database that includes firm-level data on
dollar giving, giving priorities, governance, and managerial involvement in giving programs …

We show that corporate use of long-term debt has decreased in the US over the past three
decades and that this trend is heterogeneous across firms. The median percentage of debt …

We use instrumental variables methods to disentangle the effect of founder–CEOs on
performance from the effect of performance on founder–CEO status. Our instruments for …

The Q-theory of investment says that a firm's investment rate should rise with its Q (the ratio
of market value to the replacement cost of captial). We argue here that this theory also …

We study the entry and exit of firms across US industries over the past 40 years. The
elasticity of entry with respect to Tobin's Q was positive and significant until the late 1990s …

We argue that the number of firms going public changes over time in response to time
variation in market conditions. We develop a model of optimal initial public offering (IPO) …

We study the variability of business growth rates in the US private sector from 1976 onwards.
To carry out our study, we exploit the recently developed Longitudinal Business Database …