Roel Beetsma, Svend Erik Hougaard Jensen, David Pinkus, and Dario Pozzoli ♦ This paper examines how domestic pension fund equity investment relates to productivity in unlisted firms, using detailed ownership data linked to Danish administrative registers. Pension fund entry is…
Charles W. Calomiris, Harry Mamaysky, and Ruoke Yang ♦ We derive a measure of firm-level regulatory exposure from corporate earnings calls text and study its effects on growth, leverage, profitability, and equity returns. Higher regulatory exposure results in slower sales…
Ke Na, Terry Shevlin, Youan Wang, and Zigan Wang ♦ We find that the effect of political connections on tax planning depends on firms’ financial conditions. After increased political connections, financially unconstrained firms increase tax planning and spending on tax services,…
Jiajie Xu ♦ This paper examines how place-based tax incentives impact local private investments and entrepreneurship by studying the U.S. Opportunity Zone program targeting economically disadvantaged neighborhoods. Using a difference-in-differences approach across census tracts, I find that while the policy…
Hao Jiang, Christopher A. Parsons, Lin Sun, and Sheridan Titman ♦ Firms employing more H-1B visa holders realize abnormally high stock returns, particularly on earnings announcement dates. Excess returns are higher in talent clusters: doubling the number of H-1B workers…
Olivier Sirello and Miklos Vari ♦ Using the re-issuance policy of the French Treasury, we show that issuances of long-term debt (bonds) increase yields four times as much as issuances of short-term debt (bills). Surprisingly, the modest price impact of…
