Firms frequently lease capital, as indicated by the data; however, the impact of leasing on aggregate efficiency has seldom been studied In this paper, we demonstrate that leasing can mitigate the inefficiencies caused by pecuniary externalities in ec

​We document that the duration of investors’ information processing time improves the price discovery efficiency following public macroeconomic announcements

Although the literature has emphasized different channels through which changes in credit conditions affect economic activity, the relative quantitative importance of these channels remains unclear In this paper, we seek to evaluate the relative role

This paper considers a random search model where some locations provide sellers with better chances of meeting many buyers than other locations (for example popular shopping streets or the first page of a search engine) When sellers are heterogeneous

We examine how search frictions impact labor market sorting by constructing a model consistent with recent evidence that employers collect a pool of applicants before interviewing a subset We derive the necessary and sufficient conditions for sorti

Our study elucidates the idiosyncratic volatility puzzle, the observed negative correlation between past idiosyncratic volatility and stock returns, by examining firms optimal decisions to buyversus- lease capital We find that firms with elevated

We study whether climate-related innovation leads to carbon emission reductions by analyzing supply chain networks We find that climate innovation reduces carbon emissions at customer firms, but only for the supplier firm s product innovation patents,

It is not feasible to reserve a fraction of a seat, therefore to respect the spirit of affirmative action the Indian reservation system adheres to a rotating system of seat claiming, commonly referred to as a roster Developing a roster involves addres

Using scandals involving US congresspersons over the period 1992-2018, we investigate the reputational spillover effect between scandal-tainted congresspersons and politically-connected firms Following the first media report of a scandal, firms connec

We examine how the exemption of short sale uptick tests due to the Regulation SHO pilot program affects managers’ decisions to abandon value-reducing acquisition attempts We find that when deciding whether to abandon value-reducing acquisition attem