Using project-level data on changes in firms’ investments of IPO proceeds around deaths, term limits, and mandatory retirements of local politicians, this paper studies corporate investment as a novel channel of political activity. Following exogenous turnovers of provincial governors in...

To maximize firm value managers must efficiently invest new capital. This paper examines whether analyst coverage impacts a firm's investment efficiency. Using broker mergers and closures as exogenous shocks to the number of analysts covering a firm we find that firm investment efficiency...

We investigate how the mandatory adoption of International Financial Reporting Standards (IFRS) by publicly listed firms in the European Union affects peer private firms. We find that private firms’ capital investment decreases significantly after the IFRS mandate, relative to public firms....