We study the agency implications of increased disclosure using a regulatory change in the mutual fund industry as an experimental setting. This quasi-natural experiment mandated more frequent portfolio disclosure, which we show imposes managerial skill re-assessment risks from investors on funds...

The greater is the fraction of a firm's cash held overseas, the lower shareholders value that cash. This goes beyond a pure tax effect — the repatriation tax friction disrupts the firm's internal capital market, distorting its investment policy. Firms underinvest domestically and overinvest...

We use the subset of Paycheck Protection Program (PPP) loans that were extended to public firms as a laboratory to separate between favoritism and informational advantages in lending relationships. Because PPP loans are guaranteed by the government and banks do not need to carefully screen...