Nasim Sabah and Michael Zheng ♦ This study highlights a channel through which labor markets foster firm growth: the occupational alignment between an establishment’s workforce and local skills. Using occupational employment data, we construct an index comparing each establishment’s occupational…
Shahram Amini, Andrew MacKinlay, Johan Sulaeman, and Chishen Wei ♦ We show that the decision to go public is influenced by spatial variation in the supply of equity financing. We measure the amount of capital of equity investors in each…
Guillaume Vuillemey ♦ I show that home ownership decisions across countries and individuals are shaped by a cultural heritage from agriculture. For centuries, dominant assets in preindustrial economies were either land or cattle. Consequently, the type of farming prevailing locally…
Steven Ongena, Sara Pinoli, Paola Rossi, and Alessandro Scopelliti ♦ What are the benefits of access to the bond market for unlisted firms, and how does it affect their bank lending conditions? Using a regulatory reform that allowed unlisted firms…
Patrick Augustin, Linxiao Francis Cong, Alexandre Corhay, and Michael Weber ♦ We develop a capital structure model in which firms have a differential flexibility in adjusting output prices to shocks. Inflexible-price firms have lower profits and higher cash-flow volatility, leading…
Anup Agrawal, Binay K. Adhikari, and Bina Sharma ♦ We exploit US states’ staggered adoption of Universal Demand (UD) laws to study how the risk of shareholder lawsuits affects insider trading. UD laws, which make it harder for shareholders to…
