Does corporate governance affect the timing of large investment projects? Hazard model estimates suggest strong shareholder governance may deter managers from pursuing large investments. Controlling for investment opportunities, firms with good governance experience longer spells between large...

We document a capital supply channel in the connections between firms' and their peers' SEOs. Financially constrained firms are more likely to do an SEO (have higher SEO hazards) when more of their peers conducted an SEO within the prior six months. Positive exogenous shocks to indexer equity...

We explore how asymmetric information in financial markets affects outcomes in product markets. Difference-in-difference tests around brokerage house merger/closure events (which increase asymmetric information through reductions in analyst coverage) indicate worse industry-adjusted sales growth...

Segmented capital markets may allow firms to reduce their cost of capital by increasing their reliance on the relatively cheaper market. However, this potential benefit is attenuated by the firm's costs of accessing the markets. This paper models a firm with access to two segmented capital...