This article investigates how “systematic” adjustment costs proxied by market imperfections, and macroeconomic conditions affect capital structure dynamics in a cross-country setting. We document substantial variations in firms' capital structure adjustments across countries and,...

Self-regulation programs, in which industry associations set membership codes beyond government regulations, are prevalent despite scarce evidence on their effectiveness. We examine Responsible Care (RC) in the US chemical manufacturing sub-sector, whose membership codes include pollution...

Our study, the first to test the impact of self-regulation on industrial accidents, examines Responsible Care (RC) in the US chemical manufacturing sector. RC requires members to adhere to codes of conduct on production safety and pollution prevention. Using our author-constructed database of...