We study how vertical firm boundaries shape firms' public disclosures. Theory suggests that firms can use public disclosure to coordinate with supply chain partners, and predicts a substitutive relation between vertical integration and public disclosure about future strategic plans, as vertical...

In 2013, the U.S. Consumer Financial Protection Bureau released a database of consumer complaints filed against banks under its supervision (“CFPB banks”). We find that after the disclosure, rival banks exhibit a greater increase in mortgage approval rates in markets with more intensive...

This study examines the impact of government procurement on firms’ environmental commitments. Using a triple-difference (DDD) research design that exploits the exogenous increase in federal funding allocations across counties based on population census revisions, we find that firms with high...

We study how political considerations affect banks’ loan loss provisions using China’s mandatory shift to expected credit loss (ECL) provisioning. We find that the mandatory shift has no overall net effect on the magnitudes or timeliness of provisions for state-owned banks. While these...

This paper studies whether and how mandatory nonfinancial disclosure affects firms’ real decisions. I exploit a disclosure regulation enacted in California, which mandates that firms disclose how they conduct due diligence to address their suppliers’ human rights abuses. I find that treated...

This paper studies whether and how ESG disclosure regulations imposed on banks generate transmission effects along the lending channel. I use a setting of U.S. firms borrowing from non-U.S. banks and exploit the staggered adoption of ESG disclosure regulations in banks’ home countries. I find...

We study whether and how banks’ social performance affects depositors, who hold demandable debt with pervasive government protection. Exploiting the regulatory releases of bank performance ratings for community development and a difference-in-differences design, we find a decline in deposit...

We empirically study how collusion in product markets affects firms' financial disclosure strategies. We find that after a rise in cartel enforcement, U.S. firms start sharing more detailed information in their financial disclosure about their customers, contracts, and products. This new...

Exploring a city-leader linked dataset that consists of 981 Chinese senior government officials for the period 1999–2013, we investigate the influence of these officials' appearance on their career mobility. After controlling for personal characteristics and the ability to promote economy, we...

Building on dynamic collusion theories, we predict that firms with less concentrated upstream or downstream industries have lower systematic risk because their supply chain partners tend to compete more aggressively during recessions, absorbing more of the adverse effect of aggregate shocks....