Using Glassdoor data we show that women are less satisfied at work than men and that female and male employees differ in their workplace preferences. In particular, female employees care more about work-life balance but this difference vanishes at the manager level, illustrating the role of...

We examine the real effect of privatization in terms of technological innovation. To establish causality, we explore plausibly exogenous variation in privatization generated by a quasi-natural experiment – China's split share structure reform, which mandatorily converts non-tradable shares to...

We construct a model to illustrate the dynamics of cash flow volatility and firm valuation. As a firm progressively invests into its growth opportunities, its book value increases and catches up with its market value, reducing the valuation multiple (Q). Cash flow volatility (CFV) decreases due...