We use highly granular computational linguistics to assess the MD&A section of the 10-K as a whole. Our results show that the content of MD&A can be systematically used to explain the valuation of firms, particularly those undergoing business change, where the value relevance of financial...

We track firms at birth and compare the growth pattern of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to attain a larger size later in life and go public. Firms in the top percentile of predicted propensity to go...

Numerous papers have shown that developing economies are more volatile. This paper shows despite greater aggregate and industry stability, performance and size of individual firms in developed countries are more volatile. In developing countries, market imperfections insulate incumbent firms...

We track firms at birth and compare the growth and responsiveness to demand shocks of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to go public. Firms in the top percentile of predicted propensity to go public grow 29...

There is a divergence in the returns of top-performing (star) firms and the rest of the economy, especially in industries that rely on a skilled labor force, raising concerns about their market power. We show that the divergence is explained by the mis-measurement of intangible capital. While...

There is a divergence in the returns of top-performing (star) firms and the rest of the economy, especially in industries that rely on a skilled labor force, raising concerns of their market power. We show that the divergence is largely explained by the mismeasurement of intangible capital....

We study the effects of globalization on entrepreneurial activities in China, using a favorable change in U.S. trade policy as a plausibly exogenous shock. We find that domestic entrepreneurs in exposed industries benefit more from the shock in financially-developed areas and areas dominated by...

Why do small businesses exploit business opportunities better in some areas than others? In a sample of 1.2 million consumer-facing establishments, stores differ significantly across neighborhoods and census tracts in the uptake of risk-free positive NPV forgivable loans to which they are...