We examine how directors with investment banking experience affect a firm's acquisition behavior. We find that the presence of investment banker directors is associated with a higher probability of subsequent acquisitions, and such positive relation is not driven by reverse causality. Focusing...

We examine how banks respond to large natural disasters when corporate borrowers are located in the neighborhood of the disaster area. We find robust evidence that banks charge significantly higher loan spreads for firms located in the neighborhood of the disaster area than for remote firms. The...

We use complaints filed with the Consumer Financial Protection Bureau (CFPB) to study the interplay between social norms and the effectiveness of consumer protection laws. We find that a higher level of trust in a given location is associated with a lower number of complaints filed against...

We investigate whether and how executives' social interactions affect their compensation. Using the social networks among 2,936 chief executive officers (CEOs) during 1999-2008, we report that socially connected CEOs receive significantly more similar compensation than non-connected CEOs. This...

Beginning in 2012, private equity (PE) fund advisers must register with the SEC and disclose information regarding misconduct committed by the advisers or their affiliates. We find that the disclosure of misconduct reduces PE fund advisers’ ability to raise future funds. Among different types...

Acquisitions of financially distressed firms are usually associated with debt restructuring of the target debt, and the deals can be implemented with or without the aid of the bankruptcy court. We find target stakeholders generally prefer to complete the acquisition without court help, unless...