Feng Cao, Yuhai Xuan, Rongli Yuan, and Hong Zou ♦ We use a novel experiment in China to examine the effects of having a quasi-official investor own a small number of shares on specific firm outcomes. We find that relative…
Christopher S. Jones and Sungjune Pyun ♦ We consider a model in which the correlation between shocks to consumption and to expected future consumption growth is nonzero and varies over time. We validate this assumption empirically using the model’s implication that time-variation in consumption…
Swarnodeep Homroy and Shubhashis Gangopadhyay ♦ We show that CEO social activism is a strategic choice and not necessarily an expression of the CEO’s political views. Republican-donor CEOs are 3 times likelier to make social statements with a liberal slant. These…
Thomas P. Griffin ♦ I show that a tariff policy change that increased trade with China led to a decline in U.S. public listing rates and elevated industry concentration. Consistent with heterogeneous firm models of trade, the shock impeded the…
Emmanuel Yimfor ♦ This study analyzes Form D filings to understand brokered startup offerings. 60% of brokers are FINRA-registered; the rest, “finders,” are not. Startups with fewer seasoned investors and more local brokers tend to use brokers. Venture capital firms…
Rex Wang Renjie, Patrick Verwijmeren, and Shuo Xia ♦ Mutual fund families increasingly hold bonds and stocks from the same firm. We present evidence that dual ownership allows firms to increase valuable investments and refinance by issuing bonds with lower…
