We test the hypothesis that practicing Enterprise Risk Management (ERM) reduces firms' cost of reducing risk. Adoption of ERM represents a radical paradigm shift from the traditional method of managing risks individually to managing risks collectively allowing ERM-adopting firms to better...

We document a positive effect of monitoring institutional ownership on firm innovation after controlling for traditional measures of institutional ownership. We further find that monitoring institutions enhance firm innovation by: 1) incentivizing CEO risk-taking and reducing intense board...

We estimate the effects on county-wide housing development in Florida of community-level participation in the National Flood Insurance Program using panel data methods and observed variation in the timing of the decision to join the program. We find that program participation increased housing...