I develop a continuous-time model to examine how the interaction between competition and financial constraints affects firms' research and development (R&D) strategies. The model integrates two key characteristics of R&D investment: accelerability (i.e., higher R&D intensity leads to faster...

I build a dynamic model to examine how financial constraints and competition affect firms' research and development (“R&D”) strategies. I show that first, financially constrained firms with risky cash flows can optimally overinvest relative to the first best; this is due to the project...

We study the effect of corporate board structure on firm performance under different product market conditions. Using customer-supplier links to identify exogenous downstream demand shocks, we find that board independence has a more significant effect on firm performance when the firm-specific...

I build a dynamic model to examine how financial constraints and competition affect firms' research and development ("R&D") strategies. I show that first, financially constrained firms with risky cash flows can optimally over-invest relative to the first best; this is due to the project...

Motivated by the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003, we study the effects of capital income tax cuts in an economy with heterogeneous households and a representative, mature firm. Dividend tax cuts, contrary to capital gains tax cuts, lead to a decrease in investment...

Nearly one in every two adults aged 18–29 currently lives with their parents, compared to slightly more than one in four in 1960. The literature focuses on changing labor market conditions and marriage-childbearing delays to account for this shift. Using a Blinder-Oaxaca procedure, we identify...